Stuck In A Maze
I purchased a 2-unit home in 2006 for $150,000, lived in one unit and rented the other until I purchased a coop for my personal residence. The Zillow Zestimate is now close to $500k and I would like to take out equity without losing my very low interest rate. I've inherited a property in NC that I'd like to rehab, reside, refinance and rent. The problem is that I cannot find a lender that will give me a HELOC on either property. I have excellent credit, cash reserves and 20 years of landlord experience. I've approached a construction lender who wants me to hire their contractors. Made me apprehensive. Please give me some direction.
Most Popular Reply
It'll be tough to get a HELOC. I would reach out to all the banks and credit unions in the area. Worst case you'd have to refi or 1031 into something else