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Shane Gaude
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Rental property question

Shane Gaude
Posted Dec 19 2023, 05:13

I’ve purchased a investment rental about a 1 1/2 yrs ago. I used a Heloc to purchase the property and do some needed renovations over the past year. I’ve raised rent slowly for long term tenant that has been there for 5 yrs or so. Long story short. Purchase price was 80,000. Put 20,000 down from Heloc.  Spent roughly 8000 on AC and other exterior repairs. Is my loan seasoned enough to refinance,  to get access to my Heloc for next deal? Should I use a different lender for this? Considering bigger pockets for that?  Other similar properties in area are listed for 120,000-130,000. Have not renovated interior, was waiting for tenant to move do renovations would be easier. Thanks for anyones feedback.

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