All Forum Posts by: Jake Simon

John, I called 3rd Federal a little over a month ago and got a flat out no. I don't have a mortgage with them currently, and given the times they may be more cautious than typical. I just closed on another house and secured a loan on it, so didn't push too hard on the HELOC other than calling about 10 banks. I plan to do another round of calling banks soon to try to secure the HELOC. I'll make sure 3rd Federal is on the list. Maybe I'll talk to a different person who knows the policy better or can explain if there are any special circumstances. I'm going to make it clear that I own the home outright and see if there is any LTV that they would consider. Even if I can take out half of the value, I can do a lot with $110,000 in the area.

Thanks, I'll give them a call. I bank with Chase and applied through them. In talking to them they said they don't typically do HELOCs on investments but they would send it for review and see if it would be approved. 

Does anyone have any recommendations on a lender that will do a HELOC on a rental property? I have a property I own outright in the Cleveland, OH area and would like to set up a HELOC on. I've called several banks and came up empty handed. Local or national, it makes no difference to me. I'll keep calling around, but I thought I'd post here to see if anyone has any suggestions.

I'd second what Harry said above. Have you looked into renting out an entire house and subletting the rooms? I did this through college and paid as little as $75 per month in rent. That wasn't in Colorado, but knowing what I know now I probably could have made money if I knew what house hacking was and was more strategic in college.