Investment property HELOC

[John Fano]

I've been a member of BP for a couple years, but this is my first post. I'm having a financing issue that I'm trying to find a solution to and keep hitting dead ends. I have a 3 family house in Atlantic City, NJ and I'm trying to access some equity. For a few different reasons, a HELOC would work best right now but not many lenders are doing HELOCS on investment properties. I also need a 75-80 LTV (not 70) to be able to access the amount of cash I need. I was wondering if anybody had any suggestions?

[Daniel DeMarco]

I have done 3 LOC on investment properties. One I grouped 3 properties together that all had good equity. The other was a 16 unit building. I always go with the bank that has first position. This is really how I have went from a few units to just over a hundred in about three years. I use the various LOC for my down payment on the next property and just keep opening LOC on each property as I need more funds. So essentially every thing ish e is 100% financed. This has really allowed me to grow and really about every 2 years I sell my least performing property so I am not taking on too much risk. Each property I learn and improve the purchase and management process. I use small local banks.