All Forum Posts by: Maryanne Kichline

@Ash Hegde

Thanks! My concern with this is that -will a bank still allow a HELOC conventional financing if it's an investment property? I had done this once with our bank and they required all sorts of docs proving it was owner occupied (utilities, insurance etc). Utilities are in tenants name and insurance isn't standard home owner.

Hi All

Backstory. I have 2 rentals. Both were mine and my husband's primary homes prior to marriage. We kept them and rented them out. Both have about $100k notes on them. Comps are currently selling for $220-225k. 30 yr mortgages at 4.25 & 5% interest. They are in our names. Not an LLC. That is a lot of equity sitting there that I don't know how to pull out without complications. Both cashflow at about $2-300 each. If I cash out refi - I lose our conventional mortgages and low interest rates. If I try for a HELOC and the bank requires documentation they will know that they are no longer our primary residences.... I can't even convert them to an llc without having to pay both sides of our transfer tax here in PA. I don't have a deal yet but I am actively looking for another rental or small multi-family and need cash to be ready to act.

Ideas???

Hi All

Backstory. I have 2 rentals. Both were mine and my husband's primary homes prior to marriage. We kept them and rented them out. Both have about $100k notes on them. Comps are currently selling for $220-225k. 30 yr mortgages at 4.25 & 5% interest. They are in our names. Not an LLC. That is a lot of equity sitting there that I don't know how to pull out without complications. Both cashflow at about $2-300 each. If I cash out refi - I lose our conventional mortgages and low interest rates. If I try for a HELOC and the bank requires documentation they will know that they are no longer our primary residences.... I can't even convert them to an llc without having to pay both sides of our transfer tax here in PA. I don't have a deal yet but I am actively looking for another rental or small multi-family and need cash to be ready to act.

Ideas???