Are all HELOC’S the same?

[Cooper Cole]

Hello!

I recently bought a single family home for 36,250. After I am done renovating I will have 46,000 into the property. I talked to the listing agent and she said that it should re-appraise for 70,000.

I would like to take a HELOC out for 20,000 as a down payment for my next investment property.

I met with the loan officer at my local bank and she said that to take a HELOC out, the home that I am pulling equity from needs to be my primary residency.

This throws a wrench in my plan, as I was planning on renting it out and using its equity through a HELOC.

Should I go ask another bank if they could give me a HELOC on a house I am renting or no?