Updated about 2 months ago on . Most recent reply
$150K in Equity. Can’t get a HELOC
Hi BP Fam!
I purchase a property through the NACA program and so far it has $150K in equity.
Since I can't get a HELOC with a NACA loan I'm wondering if there are other ways to use this equity for more investments.
NOTE: My current rate is 2.5 fixed. If I refinance into another loan I’m afraid I won’t get as good a deal.
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#5 Mobile Home Park Investing Contributor
- Rental Property Investor
- Clarkston, GA
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#5 Mobile Home Park Investing Contributor
- Rental Property Investor
- Clarkston, GA
REFI'ing into a new loan is your only choice that I can think of. Don't think of the higher interest rate,,, etc etc are all minor issues. Think of the lost opportunity if yoiu DON"T refi out that cash and put it into rental properties!!!!
Folks trip over inconsequentials. IE miss the forest for the trees, other analogies too but none come to mind. :)
BUT you do have to be able to afford the new larger loan monthly payments!!! This is a reality. And it would be prudent to be able to comfortably affort the new REFI payment without considering the new income from adding that debt.
Another idea: house hack, by buying another primary residence with a new occupant loan, keep the house with the NACA loan on it as a rental. What's NACA's rules on moving out and renting the house? How are they to stop you? Sounds like you've lived there several years,, might be time to buy another primary and move.
@Jay Hinrichs Jay might have some ideas.