Updated over 2 years ago on . Most recent reply
Seeking any info about HELOC on New Property
I bought a mixed use property exactly a year ago.
2 residential apartments plus a retail front.
I have about a hundred and forty thousand dollars worth of renovations done and have a tenant in one apartment and will be opening a hair salon in the commercial space.
I am seeking advice on whether or not it is too early to try to get a Heloc in order to recover some of my money .
I have run out of cash to complete some remaining required repairs.
This is my first property so I am a bit lost here.
Just some numbers for context:
Property is a mixed use Triplex .
Price was $649k
Renovations so far $140k
Mortgage Bal $587k
Any mortgage Experts Here please?(HELOC)



