Cash out refi with no existing mortgage

[Carlos Rodrigues]

Good evening Biggerpockets!

I'm seeking help to pull out money from a few properties I own.

1)

Theres no mortgage on this one property and both units are fully rented out.

I want to take out as much as I can with a HELOC. But from what I hear I can't take out a HELOC because they need to be in 2nd position. The reason I want a HELOC is because I want I want to pull money only when I need it and not have to pay a mortgage when I'm not using the funds.

-What program is there that could work for this situation?

2)

Another much smaller property I own has no mortgage aand I'd like to do the same as property one.

3)

Another property I have has a older FHA loan with a balance but has about $150k in equity /or less then 80% is owed. I'm no longer at this property and both units are fully rented out, and still cash flowing. I want to remove the MIP that is still on the mortgage, and possibly take out some money too via HELOC.

Goals

I want to reinvest my money in more multis and flips but need to pull cash out.

Looking for HELOC or something similar where I pay if I use it, much like a credit card.

I just want to have an option to take money out.

Yes I will shop around for rates and term as well as who can get me 80%+ LTV.

Also are there any programs where I can get a business or personal line of credit? No HML please.

If you're a Lender email, message me or comment below.

Thank you kindly.

[Kyle J.]

HELOCs can be in first position. I have a couple on rental properties that don’t have mortgages. Just call around until you find a lender that will work for you.