Personal line of credit options

[Ciro Cuellar]

Hi, I am a RP starter in TX who is looking to secure a line of credit for their second rental property. I have bought the barren land already and am looking for around a $50,000 personal line of credit to use on the trailer home i plan to buy and put on the land and for any renovations or future properties as it would be revolving and resuable after I pay it off each time. My credit score is a 802 on FICO but I recently (2-3 weeks ago) had a hard pull on my credit to request a credit increase on my personal credit card. I've called up my local credit unions and have found revolving LOC, with simple interest, that are unsecured for 8-10% interest. I do not have an LLC. Property would bring in $1,200 in rent a month. Make about $48,000 a year in salary after taxes.

My question would be if I need to wait to apply for one of these PLOC? If so how long? Is that the best loan option to begin with? What do the credit unions look for to approve applicants? And any general guidance would be super appreciated.