Out of State Rental Property Line of Credit

[Chris Phillips]

My wife and I live in Kansas City. We own 2 rental properties outright in Arkansas (one is on the Missouri side one on Arkansas side, both towns are the state line).

I purchased them both cash. (A mistake looking back). And now I’m ready to start buying rentals in the KCMO area. I’ve called every bank on the google search within 30 minutes of where I live and can’t find anyone willing to do a Line of credit on out of area investment properties.

I know from my time where these rentals are that local banks down there aren’t likely to do HeLocs or business lines of credit either.

Does anyone have any other ideas? I’ve listened to the podcasts and heard about private and hard money lenders. But how do you even go about finding those?

Any opinions or suggestions appreciated.