Can I get a HELOC on a rental?
I currently have a house on the market that I previously lived in for the past five years. I want to rent it, cashflow the property, and take a HELOC out to do further investment. Is it possible to get a HELOC on a rental? I've been getting a little pushback.
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@Matthew K. technically NO. You can't get a Home Equity Line of Credit (HELOC) on a property that is not your home.
Can you get a credit line using a rental as equity, absolutely yes. Just don't go asking for a HELOC. Not everyone will do them but you just have to keep looking. You will have the best luck with smaller community banks. Presuming you already have a mortgage on the property you may run in to loan to value issues.