taking heloc out from paid off rental property
I have a couple of paid-off rental properties in the midwest that I acquired in the last few months. I am working with a legal team to get these properties under a legal entity. I am thinking of taking heloc for those properties and using that to acquire more investment properties. I will really appreciate if someone can share the best strategy to accomplish that or aware of any pitfalls to avoid. Thanks in advance
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@Arif Siddiqi This is how I do it. Penfed is who you are looking for. Open a savings acct online ($5 minimum) and you are a member. Super easy. 80% LTV on NOO rentals, your choice if you want interest only as a payback option and WAY cheaper closing costs than a conventional loan. Takes around 30 days to complete the loan. They will do 3 NOO properties max plus your primary residence.