HELOC to BRRRR South Jersey

[Luke Trengrove]

Hello, I already own a home , I believe I have about 120k equity and have my eyes on possible BRRRR opportunity. I have a few questions and looking for advice . I called and set an appointment to apply for HELOC with M&T bank after finding the recommendation in the forums. Are there any other HELOC lenders you would recommend in NJ ? M&T said they'll do 85% LTV and they also said they would do an Exterior appraisal , my deck is in pretty rough shape would that hurt me significantly through the appraisal process? I was thinking just throwing a little bit of money into it before the appraisal but I wasn't trying to re do the whole deck as it would be a pretty penny. After I hopefully get approved for funds then I can hopefully inspect and put offer in on the house I'm looking at and begin the BRRRR process? The house has a section 8 tenant in it and looks to be not in bad shape at all just little outdated. I'm open to any suggestions or advice! Thank you in advance !

[Joe P.]

External appraisal...best you can do is average comp and if your exterior looks like crap, you'll have a lower comp. If you have a number to hit maybe try to speak to the appraiser directly. You're reliant on someone else to kick start the process; can you cover funds with personal money if the appraisal doesn't come through as high as you hope?