HELOC/Borrowing against a property

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HELOC/Borrowing against a property

James Beasley
Lender · Round Rock, TX · Member since 2013 · 1 post · 0 votes

I have a question. I own a property that is paid off. I need to have about $6,000 in repairs before I can move a tenant in. What is the best way to borrow the money? This is not my primary residence. 

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Brie SchmidtBusiness Member
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Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
10y
Originally posted by @James Beasley:

I have a question. I own a property that is paid off. I need to have about $6,000 in repairs before I can move a tenant in. What is the best way to borrow the money? This is not my primary residence. 

You could do a HELOC, but it takes about 6 weeks and you will have to qualify for the loan. Since it is such a small amount, you could also use the 0% interest credit cards, or use a loan from companies like lightstream, lending club, prosper, ect

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  • Brie SchmidtBusiness Member
    Moderator
    Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
    10y
    Originally posted by @James Beasley:

    I have a question. I own a property that is paid off. I need to have about $6,000 in repairs before I can move a tenant in. What is the best way to borrow the money? This is not my primary residence. 

    You could do a HELOC, but it takes about 6 weeks and you will have to qualify for the loan. Since it is such a small amount, you could also use the 0% interest credit cards, or use a loan from companies like lightstream, lending club, prosper, ect

    Podcast Guest on Show #132
    Second City Real Estate4.821 Reviews
    WebsiteView Page
    1Reply
  • Account Closed
    Investor · Libertyville, IL · Member since 2015 · 23 posts · 4 votes
    10y

    I agree with Brie but personally my first option would be to try pay with or transfer the amount to a 0% cc offer. 

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  • Christian Bors
    Real Estate Agent · Mechanicsburg, PA · Member since 2014 · 529 posts · 217 votes
    10y

    @James Beasley I would try to get the HELOC in place even if you use a cc. Some banks will give you a line of credit without any annual costs. Therefore, in the future if you need funds you already have access.

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