line of credit

[T D]

Hello,

This is my first real post on bp (not counting an introduction several months ago). I was wondering what is needed to obtain a line of credit these days.

Here is my current situation:

26 yrs old, investing in RE for the past 5
Currently have 10 single family/multifamily properties
I have about 40k in savings, 20k in retirement, and 60k in equity of one rental property. Could i use this as collateral to obtain a line of credit of roughly 75k? I'm tired of losing deals to people with cash offers.

thanks

[Josh Green]

it's very difficult to get a loc on a non-owner occupied (NOO) home. most banks don't even offer that product any longer.

when you say you have about 60k in equity on a property....you won't be able to tap all of that even if you can find a lender to do a refi (loan) on it as the max will probably be around 75% LTV.