Owner-occupied duplex heloc

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Owner-occupied duplex heloc

Miles Fabishak
Member since 2020 · 31 posts · 13 votes

Hi folks!, I'm looking into doing a HELOC on my current owner-occupied duplex (live in one side) to help fund a down payment on another duplex. Does anyone know a local credit union or bank that will fund a HELOC on an owner occupied duplex? Anyone have any ideas? Thank you!

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Bryon AndrewsBusiness Member
Real Estate Agent · Saint Paul, MN · Member since 2018 · 201 posts · 104 votes
2y

@Miles Fabishak Reach out to @Sarah Meres. She has done this on multiple properties of hers. It is smart of you to look into getting the heloc before moving out. Too many people (including myself) don't think about it until after they are under contract on the next property. 

[email protected]715-892-4596
Bryon Andrews Real Estate51 Review
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  • Andrew Katz
    Rental Property Investor · Chicago, IL · Member since 2014 · 28 posts · 22 votes
    2y

    Hi Miles - it looks like you are looking for a local credit union or bank. Could you provide your city and state?

    1Reply
  • Miles Fabishak
    OP
    Member since 2020 · 31 posts · 13 votes
    2y

    Hi Andrew, absolutely! Milwaukee, Wisconsin. 

    0Reply
  • Marcus Auerbach
    Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
    2y

    Summit CU, Educators CU, Landmark, Johnson Bank, BMO, US Bank,..

    But you only need 5% down to buy another duplex. I would try to not finance the down payment: you'll be 100% leveraged. For a good duplex in Tosa or West Allis that is 15-20k including closing cost. 

    The biggest issue is often understanding rent, it is often underestimated. You can find the recent MKE rent data here.

    0Reply
  • Miles Fabishak
    OP
    Member since 2020 · 31 posts · 13 votes
    2y

    @Marcus Auerbach I should clarify, I didn't want to fund the entire downpayment with a heloc. I plan to use most of my own money, just wanted some extra capital incase I needed it to make the numbers work. I also was wondering if I could use the heloc to make improvements to the property as well?

    0Reply
  • Bryon AndrewsBusiness Member
    Real Estate Agent · Saint Paul, MN · Member since 2018 · 201 posts · 104 votes
    2y

    @Miles Fabishak Reach out to @Sarah Meres. She has done this on multiple properties of hers. It is smart of you to look into getting the heloc before moving out. Too many people (including myself) don't think about it until after they are under contract on the next property. 

    [email protected]715-892-4596
    Bryon Andrews Real Estate51 Review
    View Page
    2Reply
  • Miles Fabishak
    OP
    Member since 2020 · 31 posts · 13 votes
    2y

    Thanks @Bryon Andrews Will do!

    0Reply
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