Are HELOCs Drying Up?

[Christopher Stacy]

Folks, I am ready to start working on my next deal. I have two realtors that have setup an automatic MLS search, I have been scouring the internet sites and I even started networking with some like minded investors in the area. I have a sizable down payment, my credit score is over 800 and I am ready to pull the trigger on the next investment property. I have been running the numbers for the particular area and I am fairly confident that I can recognize a good deal when I see it. I can go the traditional mortgage route or position myself to be more aggressive. In this environment, I believe that an all cash offer can go a long way in negotiating terms, but I can't seem to find a lender that is providing HELOCS. I have tried USAA, Bank of America, Discover and Third Federal. All have informed me that they are not doing HELOCs on investment properties. I really do not want to go the hard money route, because I am doing buy and hold, so I am looking for options. I would appreciate it if you all can share your thoughts and insights. Thanks!