How to find the right HELOC deal...

[Joe Delgrosso]

I'm in the middle of what seems like an endless search for the right HELOC deal.

My situation is that I'm looking to get a HELOC against my primary to invest in more rental properties (I currently have 5). My primary is appraising at $300,000 and I owe $215,000. I'm looking to have a line of credit of at least $50,000 (hopefully more).

I've spent the last month talking with 6 different lenders and every time we get down the road, there's small print that pops up (I need to pull out X amount at closing, no cap on the rate increases each year, I have to move all my money into their bank and hold X amount in there the whole time, etc.). 

Any suggestions on what I should do or where I should go?