Real Estate Investment Question

[Michael Allen]

Situation: 
I currently own a rental with 100% equity. Home is valued at $74,000.00 and currently renting the unit out for $900 per month. I would like to obtain a fixed rate HELOC on my rental for 75% LTV. Numbers: 
Home Value: $74,000.00 
HELOC rate: 488.30 - 15 Year 
Taxes: ~$1800.00 
Rent: $10,800.00 
Annual Insurance: ~$790.00 Goals: 
Purchase another rental with equity line of credit. Questions: 
Is this a great way to obtain another rental given the situation?

[Michael Allen]

Originally posted by @Anton Bieliauskas:

In my opinion, it's a great idea. I'm trying to find a bank that will grant HELOCs on rentals in Michigan, do you have any referrals? I'd love to do the same strategy.

 Huntington Bank and Fifth Third Bank. If you need any help just DM me! Good luck!