I’m looking for a HELOC in south Jersey

[Michael O'Leary]

I and semi-experienced, I did 2 flips in 2018, I made 15k on the first one and lost about that much on the second, then I got into a car accident and took a break. I'm back at it now, and ready to starts BRRRRing (still kicking myself for selling the flips!). I have been in my primary for 4 years and I did a total rehab in it, I should have about 120k at the low end in equity, and I want to take a HELOC out to buy my next investment property. I only show about 50k/year at my day job, and the local credit union denied my HELOC application because my debt to income was too high. Has anyone else dealt with a similar issue? And what should my next move be? I can pay off my car debt if I really need to, but I'd rather keep the cash. Not sure if I just need more income, but I feel like most investors don't show much income anyway.