HELOC Lenders to Replace Mortage

[Mario Balistreri]

This is a two part question related to using a HELOC to replace my mortgage on a current investment property that I own. The property is in Columbia, SC and I was advised by my financial advisor to look into a HELOC to replace my mortgage on this property. The strategy is to apply all income to the HELOC use a credit card with rewards to pay for expenses, then use the HELOC to payoff the credit card monthly. Because interest is calculated daily I can build equity quickly using this process (I have pretty good personal cash flow).

Questions:

1. Does anyone have experience using this strategy and what did you like and not like about it? 

2. I'm struggling finding a lender in our current economic environment that will provide this service. Most of the banks that I have talked with (small and large) stated that they stopped offering HELOC's on investment properties. Does anyone know of a lender in the Columbia, SC area that is offering this solution? I am very low risk from a lending perspective.