Equity Line On Rental Housing
I recently purchased 2 rentals from an equity line on my primary residence and am wondering if anyone knows of a company that will do an equity line on rentals. I am looking to borrow about 20K to finance next purchase. I would be open to a blanket equity line on both properties. Total assessed value for both properties is 55K.
Jason Cowan
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I have several equity lines on my rental properties. I got them from the bank where I do my checking, savings, and business banking.
Lori
[addsig]
The best source I know for lines of equity is Wells Fargo, but they require you to do full doc (Must prove income). State income loan is not allowed on rental HELOC.
Good Luck
You can also contact a mortgage broker that you trust. They can expose you to programs which fit your budget and property type.
Good luck,
Eric & Rosa
[addsig]
It is very common to use rental property to buy more rental property. I have done it several times. You can either take out a loan or use your equity as collateral for the downpayment on the new property. Check your local bank. Good Luck! Jeff