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How to get a HELOC (new business no proven income)
Hey BP Community,
I'm a new member (first post) and just getting started in real estate investing.
I am interested in tapping into my home equity to invest in my first rental property,
I have approx 200k in equity in my house but I just started my own company in Aug '15 so I don't have a long history of proven income. I talked to a local Credit Union that I'm a member at and they require 2 years of income history for self employed members.
I was wondering if anyone had any advice on lenders willing to lend to someone in my situation?
I'm also looking to use less than half my equity at $75k
Thanks!