Buying another rental property

[Velmurugan Viswanathan]

My primary home mortgage is on my wife name and I am in the title. Me and my friend own an rental property next door. Now we have equity on rental property almost 150k and home price/worth (low est) is 335k. Now if I apply for HELOC for rental I am getting only $25k money from wellsfargo. Because to buy new property I need 20-25% down payment. Also I want to buy with in my city. 1. My question is how to maximize the HELOC? Any bank or alternatives? 2. Is there any way I can buy another home as primary home ? Thanks Vel

[Sam Eligwe]

1. Try different banks. Real estate is all about relationships. You need to build some kind of relationship with someone from one of your local bank in your area. Typically for HELOC's they allow up to 50%.

Do you have liquid cash?

2. Depends. If you can qualify for the new purchase you can purchase as if it your primary, move in for a while then rent.