Rental Property Equity

[Justin Tanoue]

I own a 2/2 rental property in Las Vegas. I purchased it for $42,000 cash but today comps list for $50,000 to $60,000. Is there any way I can access this equity to purchase another in the same building?

I applied for a loan at US Bank last year, but they told me the only reason they would not give me a loan is because the owner occupant ratio for this complex is only 10%, and it needed to be above 60% to be eligible for an equity loan. Does anyone know of any other lender who can provide equity loans for rental properties with low owner occupant ratios? Thanks!