HELOC vs REFINANCE

[Saige Louis]

I bought a duplex for 80k and fixed it up, renting both sides now it is work about double that. What would be the best way about either a HELOC, or a REFINANCE?

[Will Barnard]

Originally posted by @Saige Louis:

I bought a duplex for 80k and fixed it up, renting both sides now it is work about double that. What would be the best way about either a HELOC, or a REFINANCE?

Unless you are living in one of the units, you will find it very difficult to find lenders offering HELOCs on non owner occupied units so your best bet is a cash out refi. A year or two ago, there were a few lenders here in CA that offered such a product but their combined LTVs were lower than you would expect on a traditional HELOC. Haven't looked into them in the past two years or so.