How to get a Line of Credit?

[Will Foster]

Last night I listened to BP Podcast 311 with J. Scott. He and the local Real Estate Investor Group I go to both have mentioned that now is the time to begin to open up Lines of Credit. Their reasoning is, because when the recession comes in the next year or two, we all are going to want to have the ability to access cash. 

My question is how do you go about opening a line of credit, and what typically are banks looking for from you, in order to do this?

I'm sure it's not as easy as walking in and asking for credit.

I live in Colorado Springs, CO, so if anybody has a bank or someone to speak with about this, that would be great.

Thank you all for your time a input into this question.

~Will

[Bill S.]

@Will Foster so one thing not mentioned in the podcast was that lines of credit can be terminated by the banks so while they may provide some piece of mind they are not the same as cold hard cash. If you don't believe me ask around to folks that were flipping with lines of credit when the last recession hit. If you listen to real estate pod casts of people who were in real estate before and during that period of time, you will hear their stories of having banks close down their lines of credit. Some were in the middle of flips and the banks froze the lines at the amount of the balance.

Just something to think about.