Advice needed on talking to banks

[Carlos Morris]

Hi BP community. New investor here educating myself hoping someone can answer my questions. I'm currently unemployed (industry shut down by the pandemic, but I'm returning to work in September), however I'm ready to get my first property. I own my Coop outright in NYC and want to use equity to fund my first deal (the down payment) via a HELOC.

Will banks (big and community banks) grant the HELOC loan or will they require I have current W2 payments before approval? Should I be talking to banks now or wait until I return to work to begin this process? Should I be meeting with multiple banks at the same time or focus on one bank based on my research? I also want to get pre-qualified for a conventional loan at the same time. I'm trying to line all my financials up so I can finally move off the sidelines and get in the game. With interest rates at such lows now, I'm hoping to take advantage before rates go up.

Finally I want to admit, I have a lot of fear, but a even more excitement to begin my real estate journey. All advice will be greatly appreciated. I'm here in NYC and if anyone wants to throw out suggestions as to the best investor friendly banks in NYC or online please do.   Thank you!

[Joe Splitrock]

@Carlos Morris it seems pretty unlikely that a bank will lend you money if you are unemployed. You can ask them to make sure I am not missing something. Maybe some strange COVID related situation will allow it. Get a letter from your employer showing your wage, start date and type of employment (full time hopefully). Worst case you may need to wait until you are back to work.