Pulling Equity Out of Investment Property.

[Micah Thomas]

Hello all, I hope Thanksgiving was fantastic for everyone. 

I am generally new to real estate investing, but I want to really get into it. That said, I own a house in Jacksonville, NC which was a primary residence. We have since moved to Woodbridge, VA, and bought another house as our primary residence. I am looking to pull some equity out of my NC home for purchasing power on the next investment property my wife and I decide to purchase. The issue I'm running into is that some lenders are saying that because it is an investment property due to us having tenants residing in the property, they will not do a HELOC or second mortgage. I am not going to cash out refi due to the fact that I have my NC home at a 2.75% interest rate. I have talked to a couple of commercial lenders who have told me they won't touch residential properties. Does anyone know any lenders that may be able to assist or does anyone have any advice?

Any help is appreciated, thank you, and be blessed!

[Jack Tulloch]

Micah - as Dave mentioned, finding a lender for a HELOC on an investment property can be tough. That said, there are lenders who can do it. Smaller banks/Credit unions are a good place to start or getting in touch with an investor friendly mortgage broker is what I would recommend.