HELOCS and rental properties

[Anthony Mikolich]

So, I have a rental property that has a ton of equity but no one will allow me to take a HELOC or Home Equity Loan because it is not my primary residence. I live in Tampa, Florida and the property is in Suffolk County, New York. How can I access this equity to buy rental properties in Florida?

[Llewelyn A.]

@Anthony Mikolich

There are several banks that do HELOCs on Investment Properties.

The one that I know is East West Bank: East West Bank

I understand there are a lot of suggestions to do a refi, but there are two problems with that:

1) That's not what the OP asked and 

2) There are REAL reasons why to use a HELOC... which is why it's a Loan Product that is available.

HELOCs give you another choice to use money temporarily and is better than HARD Money.

I will wind up getting huge discounts on properties with an All Cash Offer.

The discount I get can be upwards of $100k on a $1.5 Million property.

BELIEVE ME.... it is worth it.