Heloc to acquire another investment property

[Kevin Cespedes]

Hello everyone, so im thinking about using a heloc to tap into one of my properties equity and using that to acquire another investment property what i would like to know is how long does it typically take to pull a heloc? And would i be able to put that as a downpayment for my next  property 

[Corby Goade]

Quote from @Kevin Cespedes:

Hello everyone, so im thinking about using a heloc to tap into one of my properties equity and using that to acquire another investment property what i would like to know is how long does it typically take to pull a heloc? And would i be able to put that as a downpayment for my next  property 

 Congrats on having a chunk of equity, that's a great feeling!

Totally depends on the bank- I use Bank of the West. Their service and products are awesome, but their underwriting is slow. I just opened a few HELOCs and it took about 8 weeks. I've heard of others getting it done in less than a month. Make some calls and shop around- not many banks do HELOCs on investment properties.