Investor · Spring Valley, NY · Member since 2015 · 54 posts · 11 votes
Hi guys,
I got final judgement on a 3 unit in Passaic County on Feb 10. For now I wanna keep it as a rental. Does anyone know when I can get a HELOC on the property? Would the banks wanna wait for the 90 days to pass before they give me a loan against the property?
Any input on this would be greatly appreciated!
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
11y
@Moshe Eisenberg That will depend on the bank. I would talk to some smaller community banks and see what they can do for you.
It wouldn't actually be a HELOC. A HELOC is a home equity loan. Since this is an investment property it wouldn't be called a HELOC. One bank I went to called it a Business equity line. It might help a little if you know the right lingo to use.
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
11y
@Moshe Eisenberg That will depend on the bank. I would talk to some smaller community banks and see what they can do for you.
It wouldn't actually be a HELOC. A HELOC is a home equity loan. Since this is an investment property it wouldn't be called a HELOC. One bank I went to called it a Business equity line. It might help a little if you know the right lingo to use.
Investor · Spring Valley, NY · Member since 2015 · 54 posts · 11 votes
11y
Thanks @Ned Carey Yeah knowing the terms and sounding like you know what's flying goes a long way. I did have some good results recently (on other topics) when I simply said that I'm new to this and I would appreciate their guidance. The other party is usually happy to share their knowledge and they appreciate the honesty and if they can make it a deal they do it.