What is the point of a home equity loan?

[Bob Ross]

I bought a fixer upper as my first home and was able to build some good equity.

I tried to get a home equity loan with the intention to make a down payment on an investment property with the funds.

I was told I could not get a loan because I was already maxed out with my mortgage/income cash flow.

If my wife starts working we could then probably have the additional income and qualify for the equity loan.

My question is, what would be the point of the equity loan in that case? Given the additional income, Why not just buy a second property with a regular mortgage?

What is so appealing about buying additional properties with home equity loans?

Thanks