Buying Rental Property

[Allan Gomez]

Hello,

Thank you in advance for your replies and insight.

We currently own two houses on one lot. We live in one and rent the other. We have enough equity to purchase another similar property in our surrounding area.

My first question: Should I utilize a HELOC or Home Equity Loan for the down payment on the rental property? I do not want to refinance the mortgage.

Secondly, do I situate the HELOC or Home Equity Loan prior to talking to a lender about the rental property loan? Or discuss both with the potential lenders?

Finally, any recommendations for lenders in CA.

Thank you again.