Ashley:
Today we’re answering your questions on how much time real estate investing really takes, how to tap into your property’s equity if it’s a rental, and what to do when you win a tax lien bid. But suddenly you’ve realized you might have stepped into a tricky situation.
Tony:
Yeah, these are all real raw rookie scenarios and the kind of stuff we won’t find in a textbook. We’ll share what’s worked for us, what to watch out for and what we wish we knew started.
Ashley:
Welcome to the Real Estate Rookie podcast. I’m Ashley Kehr.
Tony:
And I’m Tony j Robinson. And with that, let’s jump into today’s first question. So our first question comes from Marissa and she posted this in the BiggerPockets forum and she says, I’m new to this space, but was looking for some advice on obtaining a HELOC on a home that I’m currently renting out. I own the home but do not live there as my primary residence. I live with my parents and still have a mortgage on the home. I’m quickly learning that many banks do not give HELOCs on rental properties. I’ve called a couple of local banks, including the one that the mortgage is through, as well as larger banks like Bank of America and Rocket Mortgage. None offer HELOCs on rental properties that still have a mortgage. There is nothing I want to purchase right now and I will have tenants in the home at least until the end of this year.
Tony:
I still wanted to pursue a HELOC in case any opportunities come up in the future. I was wondering if anyone would be able to give me advice on if there is a chance of getting a HELOC in my current situation. Does anyone know of any lenders or programs that might be open to a HELOC on a rental property? Any advice would be greatly appreciated. Thanks so much. Yeah, I think and Ash, lemme know if you’ve had a different experience, but yeah, typically HELOC is something that is more predominant on a primary residence and what you’ll see a lot of investors do is if they know…