Is it possible to finance my Texas property as an out of state investor?

[Mary lou L.]

I am getting discouraged. I have a rental property in Texas that I would like to draw the equity from. I was told that I had to have two properties to do this. So far I have tried a refinance (quicken loans) and was told this after they had ran my credit and I gave them all my info. I don't wish to sell. I have about two years of mortgage payments left. What other ways can I tap the equity? I figure after all the fees I would get 30-45000. I want this money to invest here in California (I live here). Thank you so much for your advice!

[Hattie Dizmond]

@Chris Clothier is correct.  There are no rules about owning multiple properties.  That's just crazy.

@Joe Impagliazzo Texas is actually extremely easy to do business in with limited regulations.  Now, for a long time home equity loans were prohibited in Texas, but that was actually part of the Texas Homestead rules and designed to protect homeowners from themselves.  Now that restriction has been lifted, so you can mortgage yourself to the hilt, if you like. 

Lenders, particularly big banks &/or high-volume originators are the real problem and source of misinformation.  They have their own special rules and underwriting guidelines and often pass those off as "regulations" that govern lenders in general.  Thus the reason I am constantly directing people toward small local lenders, be they banks or credit unions, who are maintaining their own loans.

The big banks, and I worked for them for 20-years, are a little myopic with regard to their own process.  Combine that with the fact that almost all of them took huge hits with fines & judgments, because of their activities, during the subprime crisis, and you get a perfect storm of myopia and paranoia!