Rehabbing My Grandma's House with a HELOC

Rehabbing My Grandma's House with a HELOC

Real Estate Agent · Rowlett · Member since 2021 · 29 posts · 24 votes

Hey BPers!

Looking for a little direction! My family has decided to completely renovate my grandmother's house and use it as a vacation rental. We are in Dallas and her home (that's paid off) is worth about 500k as is and hopefully about 800k or more once renovated. We were going to get a HELOC to tap into the equity of her home in order to do the renovations. The problem is- we can't find anyone that is still doing any HELOCs. Has anyone opened a HELOC recently and can give me some direction on who to contact? Also, anyone know of an awesome luxury contractor? Thanks!

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  • Investor · Arlington, TX · Member since 2014 · 114 posts · 92 votes
    5y

    @Colleen Cupp

    Hi Colleen, I used PenFed recently and it was a pretty easy process. They even paid all the fees. Hope this helps, good luck!

  • Realtor · Dallas - Fort Worth Metroplex, TX · Member since 2016 · 1k+ posts · 925 votes
    5y

    @Colleen Cupp - how exciting! Yes I have a great high-end contractor and an awesome designer. Let me know when ready. 

  • Real Estate Agent · Rowlett · Member since 2021 · 29 posts · 24 votes
    5y

    @Michael Volek thanks! I will give them a call!

  • Real Estate Agent · Rowlett · Member since 2021 · 29 posts · 24 votes
    5y

    @Lucia Rushton thanks so much! I definitely will. I hope you are doing well!

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