What are my options?

[Tony S.]

I've owned a SF rental for 11 months now. I am definitely interested in purchasing more properties but I am sort of stuck at the moment. My plan was to cash out refinance, HELOC or whatever type of loan would make the most sense at 6 months or 12 months (depending on the lender), but all of those plans stopped immediately when I lost my full time job 4 months ago.

Obviously no one was going to even look at me being unemployed. In the mean time, I've been lucky to be very secure financially and there have been no further issues. I will be starting work again in a month, and for the first 5 months or so I will be earning about what I was earning at my previous job. After that initial period, My pay will double.

I would like to get the equity out of this first property I own, and take that + a bit more cash out of pocket to purchase another. I'm wondering what the current situation with the banks is. The rates have slowly been going up, and this economy has improved a little. Does anyone see any possibility of a bank lending me the $$?