Applying for a HELOC

[Sarah Sadd]

Hi everyone! I currently have 3 investment properties, two of which are empty lots that I own outright, one that I have a mortgage on, with about $200K in equity. I'd like to apply for a HELOC, but I am wondering how that's going to go. The reason is that my property with the mortgage is a rental property, not a primary residence. Also, I am self-employed since June of 2017. Will this be an exercise in futility? I'm told I should be looking at credit unions. I am in Atlanta, GA. Does anyone have any recommendations?

[Germain Mopa]

Hi Sarah - you can get an heloc on an investment property. You have to call the banks and ask including credit unions. Some will say no, but again you just need one to say yes. I did an heloc on an investment property i used to own.

Good luck