BP beginner needs advice.

5 Replies

Hello World,

I've been making phone calls and researching my situation and still do not have the answer.  So here I am reaching out for help.  


I'm currently under contract for a second home that will be my primary place of residence. I'm liquidating stock for my 20% deposit and almost maxing out my income to debt ratio with this purchase. I have an investment property in Santa Rosa Beach FL that rents year round. It has 200k equity in it. I want to upgrade this property to rent out weekly but cannot get a HELOC on it as its an investment property and not primary place of residence.

How can I get finance to upgrade this property?

Thanks for the help in advance.


Disclosure: Um, it's a Bigger Pockets post! I'm not selling anything, just sharing advice I received.

Hi Phil,

There's good news and bad news. The good news is there are banks out there who will finance a HELOC on an investment property. It doesn't have to be the bank that holds the first mortgage. I asked this question not too long ago. I ended up getting an 80% HELOC on a rental property on one of our rentals through our credit union. Sorry, they're only in California so they can't help you but here's the post with a lot of other recommendations:


The bad news is, with a high DTI it might be hard to qualify regardless if you find a bank who will do the HELOC. Then again, every bank is different and they will also calculate your debt differently so be sure to ask a lot of questions so you don't waste your time.

Let me know if you have any more questions.



Well said Eric.  There are many banks that still do this for investment properties.  I think their limit is usually up to FOUR properties that has debt on it.  Start with the major banks like BofA, Wells, Citi... b/c they usually have the better rates.  Make sure you explain your situation and if they say that they can help you, find ONE person.  Hopefully at a branch, but if you do it over the phone, make sure you have their direct extension.  That way all communication will go through THAT person.  If they say something wrong, you know who to blame.  They can't say they didn't get anything if you sent it directly to them.  You got to make sure you stay on top of them.

Good luck.

Thanks Josh and Eric,

I'm at least 12 months out from renovating so I have time to research. You confirmed there are banks that will give HELOC to investment properties so that will be my first step. I'll work out the other issues later.

Thanks once again.

Thanks Brian,

I requested information from B2R finance and made phone calls.  I had very little success getting information from them.  They answered some questions but wanted me to fill out a rent roll so they can assist further but I'm not even close to that stage.  All I wanted was interest rates and basic information.  My last email did not get a response so I will look else where.  I felt it should not have been that hard.

Thanks for the assistance.

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