Take equity out of a rental property

[Kevin N.]

Hi, I am sure this question has been asked many times, but I like to get the most recent answers. I have a rental property that I am going to sell. Before I sell the house, I may need to do small renovation and for that reason, I will need to take out some equity. I have pretty large amount of equity but banks will not let me do it since it's not primary residence. I am in Austin, TX area. Let me know if there is a way to do that. 

Thanks.

[Richard Queen]

I'm curious how many banks you have contacted to ask this question. You may find a few who won't but I'd guarantee there are quite a few who will offer funds on investment property. I currently have a HELOC on a SFR investment property where I got 80% LTV. I think the key is make more phone calls to different banks and tell them what you are needing to do. You'll find one. Also look for a mortgage broker who will be able to check many options at once. That may keep you from so many phone calls. Rest assured I and many others on here have done exactly what you are trying to do. It's possible. Just find the right lender. Of course this always depends on the rest of your financial situation as well. If your credit score or personal finances are a wreck, that makes everything harder - still not impossible. Hope that helped some. Good luck!