Imri Adelman Specialist from New York posted 9 months ago Hello, Looking for a HELOC on a rental property i fully own free and clear. The property: New construction SFR in Covington, GA, zipcode 30016 Rent: 1,400$. Valued at around 200k$ Im a mortgage note and RE investor. Foreign citizen- dont have a SSN. looking for local private lenders or small local banks that i can work with. Any referrals would be appreciated.
Curt Smith Rental Property Investor from Clarkston, GA replied 9 months ago Hi Imri FWIW the local REIA I ended up sorting down to and finding the the most useful is GaREIA. There's a few out of state members I've noticed because GaREIA has a google group / email list for deal makers and for new investors. I've seen posted on the deal makers list that these 2 credit unions will do HELOCs on rentals; Pen Fed and Navy Fed. Each has different hurdles to joining.I;ve seen the member who lives in LA get help on local eviction regs. Any rate a too little suggested tip is to join your local REIAs they have more experienced investors and eyes and boots on the ground.Your other option is just cash out REFI. Oh I see foreign national. Then you need to also look for "porfolio lenders" which today is a mis-nomer today it means DSCR (income) based lending not W2/DTI based and most will do foreign nationals. Also search on Soft money, or Non-agency.Lima One, Prime Bridge, Finance America (try here first). PM for phone numbers. Lame BP won;t allow domains, emails or phone numbers in posts. Amazingly stupid.Re local banks; use your smart phone map app. Center on your house address then search near by: banks. Start calling.