How to fund my next rental

[Dennis Yang]

Hi guys,

My wife and I just recently closed on a 1st rental investment property under our newly formed LLC (1st one). We used our primary's HELOC to fund most of it. (all cash deal)

We're looking to purchase another rental property very soon. We're trying to figure out how to tap into our rental property's equity the most optimal, efficient, cheapest way. 

From my understanding is that banks do not offer HELOCs on LLC properties. I also read that if it is a line of credit, it would just be that, an LOC. If banks do offer LOC's for LLC's it would have to have personal guarantor especially on brand new LLC's? Can anybody confirm this?

Calling several local banks will be our next plan of attack but I just want to get as much information from you guys as possible before contacting them. Also Is it better to call banks that's local to the current investment property we're trying to get equity from or to the area we're looking to invest? Should we ask for a LOC before asking for a cash-out refinance?

What would be the best option or possibly an alternative creative financing that we don't know about? Any thoughts or advice would be greatly appreciated. 

Thanks all!