Home Equity Lines of Credit

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.

Interesting question. I was just getting ready to get another on one of my paid for rental units and had no idea that the banks have tightened up in this area.

The bastards are tightening everything up AFTER getting billions from us.