Should I cash out refinance my free and clear rental property to

[Andrew Fenton]

So I have been trying to get a HELOC on my rental property. I was at the ending stages of the loan process with Wells Fargo and at the end they said they couldn't do it because the house was in a rural area and if I default on payment it would be harder for them to sell.

So now back to the drawing board. I'm thinking about doing a cash out refinance on the rental and using the money to pay down on my primary residence so that I can take a HELOC from my primary.

I just cash out refinanced my primary residence to pay off my rental taking advice from the workers at the bank. But I regret doing that now that I can't get the money out. My primary residence is worth $135000 with a $94,000 balance and my rental is worth $100,000. 

What should I do BP community? Thanks for you help in advance.

[Mike Hanneman]

So you leveraged your primary (personal home) to pay off a rental ( tenants were paying the mortgage)?  Not sure why the bank would recommend this, but too late now!?!!

Well I don't understand as to why you can't get your money out? I would find a lender that I could borrow against my rental to get my money out of it to buy more rentals!

Don't use Wells for anything!!!! I had the highest level accounts one can have with them and they still won't budge on most loans. They have become too big of a bank. I was putting 70% down with a 760 credit on a deal and they still wouldn't loan to me. Went next door, literally, and got a loan from another big bank.