I am a new investor, as of 2004, and have been working totally on my own, no partners. I would love to do this stuff full time. But, I have a bit of a dilema. After all the banking problems thats been going on, Im having a hard time finding a bank that will do a home equity line on an investment property. I have two investment homes. One I am renting out (just informed that the tenants are breaking their lease, another story) The first home, I was able to secure a $100k HELOC. I used that money and bought 3 building lots at auction and 1 3 br house that i have it lease purchased. This house is paid for, no liens. Im having a hard time now, getting a HELOC on this house. Bank of America will do 70 % of the purchased price. Thats no good. I currently have two HELOC’s with Bank of A. 1-75K on my primary residence, 1-$100k on my first rental property.
Any suggestions? I like the HELOC’s. low interest and no closing costs.