Banks are crazy

[Zach Adams]

So today I decided to take a HELOC out on a rental property that is out of state. I called BofA and the lady said no HELOCs on investment properties. No way I thought and asked to speak to someone else. After much effort I finally found somebody that would work for me at the same bank!

Advice: Right now there are some attractive no-cost HELOCs out there, even locking prime, no fee, zero closing, etc.  Take a look, now seems to be a good time for a lot of places.  Atlanta had appreciated enough that I'd gained some good equity.  Going to use this money as a downpayment for my next owner-occupied MFH.

Bottom line, the banks don't know what they're talking about often.  At least it takes time to find someone that does.

Now to find a deal!