All Forum Posts by: Lori Freda

@John Warren Thanks for the reply! We’re in RI. There were some upgrades done that were not permitted and we are trying to keep it that way for now. Increasing the property value would cost us more in taxes than paying the closing costs for a cash-out re-if on the other property. 

If we can do a HELOC on our primary that would be preferable.

Have you seen any banks willing to do HELOC's on investment properties? Tried that a few years ago and all we called were still refusing to even consider it

Looking to take out a LOC on our primary residence to invest in a multi-unit. The equity in the home has been created by renovations that currently do not match what is listed on the MLS...if you get what I'm sayin'. We're trying not to advertise the upgrades we've done because it will skyrocket our taxes, but we'd also like to tap into the added value. Will this be a problem with an appraiser or the bank? Or are we ok because it's just a LOC and not a sale/re-fi?

We also have a good bit of equity in a an investment property up north, but we'd have to do a cash-out re-fi on that property and it has already been re-fi'd twice in the past 6 years. It's a cash cow on a 15 year note with a great interest rate so we'd really like to leave it alone if possible. Are we making the right decision by trying to utilizing the equity in our primary or going about this all wrong?

Thanks in advance for your input!