HELOC on rental property?

[Matt Schreiber]

I just bought my first two properties. One in Rochester, NY and one in Wilmington, NC. I was just wondering if it is possible to get a HELOC on a rental property in either one of these markets or if you can do that in general. I called a few people so far but they seemed to say the standard was that once it is an investment, they won't give a HELOC. I am looking to buy another property and want to borrow some money for the down payment so just looking into different options. Thanks for your help.

[Chad Ellis]

Hi Matt, 

Upstate Bank in Rochester will do a HELOC on an investment property.