Just purchased my first home and investment property! HELOC NOW?

[Bao Huynh]

Hello BP Community,

I just closed on my first home and investment property last week! I got a conventional 10% down from US Bank on a 4 plex in southern California Inland empire in the city of San Bernardino. I am looking for some knowledge and advice for a home equity line of credit. I spoke to couple representatives from either Citi Bank/Chase/ and US Bank. When I spoke to a US Bank representative he gave me a quote 60k on a LOC for a appraised value of the house being 358k and the loan amount on the home being 260k but when I spoke to him again on the same quote he changed it to the sale price of the home which was 290k. This means I hardly have a line of credit if it was on sale price of the home and not the appraised value.

My question for the BP community would be can I get a HELOC on my current appraised value on the home instead of the sale price? What if I got a good deal for the property and wouldn't the appraised value be more accurate on the current price of the market rather than the sale price for a HELOC?