HELOC/Borrowing against a property

3 Replies

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. 

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