How to get a loans to start investing in real estate

[Lisa Li]

Hello, I have a stupid question. Please help.

My parents and I own 3 properties, 1 under each of ours name. 2 rentals and 1 residential. They are all paid off. I want to get some money to invest in real estate. My question is how can I use those properties in my advantage to get the amount of money that I needed? I'm very new at this, any information would really help me alot. I'm also looking for a partner to work with and learn about real estate at the same time. Thank you very much 

[Derrick E.]

Just went through the exact situation. I found the best option for me was to do a HELOC on one of my properties. Less paperwork than a mortgage and it was an easy process. I used a local community bank. When you call around to all the banks make sure you ask if they do HELOCs on rental properties. I called around 20 banks and only one of them in my area does it. Most do HELOCs on primary residence but not rentals for some reason. It's technically a commercial loan through them I guess, I'm not sure. But it was an easy process. Just had to provide deed to prove I owned property, proof of insurance, and get an appraisal (which I got through the bank.)