Investment Property HELOC or Home Equity Loan
I am looking to leverage the equity I have in an investment property in order to update the kitchen/bathroom however I do not want to do a cash out refi because my current loan is at a 3.5% interest rate. Are there products for this (Home Equity Loan or Line of Credit... or others?) where I could keep the majority of my loan balance ($140K) at the 3.5% and pull out cash (apx. $30K) that I would pay back slowly over time using the increased rent? A few notes that may impact your answers...
*I own the property in my personal name with my husband (he has a W2).
*I probably have about $50K of equity in the property AS IS due to appreciation/loan paydown since my purchase.
*I already have a HELOC on my primary residence that I use to fund other BRRRR deals so I'd rather not use that if possible.
Thanks in advance for any help on this!