- Votes |
I currently own a three-unit brick building in Avondale Chicago. I've completely renovated one unit and partially renovated/upgraded another. I currently owe $476,000 on it and it should appraise for $750,000+. At 75%, I could potentially pull out $85,000 or have access to a HELOC. I would definitely prefer the HELOC. My wife and I are also about to move out of this building so it will no longer be owner-occupied. The goal is to use a HELOC for my next investment. Should I just contact my local bank to see if I can get approval?