I NEED a HELOC!

[Javier Emilio Tirado]

I currently live in Puerto Rico ( US territory). My wife and I have some properties here and have a lot of equity but PR doesn't have Helocs. Our only option is Refinance. We have lost so many good opportunities to cash bidders it isn't funny. Obviously I don't want to cash out refi and start paying a loan and then wait for an opportunity. Basically my question is " Can I cash out refi my home buy a property in the states cash. Rent it out and get a Heloc on that property even though i don't live in the states?" 

[Aaron T.]

Normally you have to live in the property for the lender to give a HELOC, unless you tell the bank that is your home of record.

HELOCs are not typically for rental units.