Small multi-family (2-4 units) buy & hold investment.
Purchase price: $200,000
Cash invested: $200,000
Bought a twin house that was converted into a duplex.
Monthly income from 2nd floor is $1,200 and first floor $800.
I plan to tap into equity by getting HELOC, but Im faced with an issue of fining a lender that will open HELOC against investment property. Its very difficult to find one unfortunately. Any suggestions are appreciated!
Hi @Inna Pakhalyuk , congratulations on this nicely performing twin home!
I bet if you keep pushing with local banks, especially those popular within your local investing community, you'll find one that does HELOCs on investment properties.
If not, or perhaps even if so, you could always do a Cash-out Refinance with a lender and have a permanently amortized loan that get's you the cash.
What are your thoughts on doing a Refi instead of a HELOC?
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