HELOC/LOC question on Investment Property

[Ben Johnson]

First post and new to BP... I live in Michigan, I have a paid off single family rental. I'm looking for the best way to get a HELOC or LOC on this property? I want to have LOC available to make cash offers on other properties. Banks I've talked to say they use to do these before COVID but now only offer them on Primary Residence and a second home/cottage?

I do have a LLC that I created but haven't done anything with it yet. The Investment property is in my personal name right now and wonder if it was under my LLC if that would be better for some sort of Business Line of Credit? If so how do I get my investment properties under my LLC?

Any advice would be appreciated 

Thanks 

Ben

[Andre Taylor]

Hey Ben congrats on the property... what type of banks did you talk too? Im sure if you go to talk to some local banks they would a variety of options for you to go about this...wether you have the property in an LLC or not. Local banks are more investor friendly. I know some banks commercial dept are still playing it safe since commercial got hit much harder due to covid.