Converting equity to capital

[Matt Roberts]

I own a rental property with a mortgage and about 70k in equity. Last year I bought a fixer upper with cash and I fixed it up myself using credit cards to buy supplies. The fixer upper is now worth at least 100k and has no mortgage. I also have about 30k in credit card debt. I would like to take the equity that I have in the two properties and first pay off my credit cards and then use the rest to buy a fix and flip but this time hire a contractor to do the work. My plan is to get a revolving line of credit on the rental property (70k) and then get a mortgage on the fixer upper which I'm living in (80-95k). My question is will a bank let me do this? If not is there another way for me to convert the equity in these two properties to capital for my flip?