Applying for a HELOC

[Mack Lev]

Let me give you some background info. Im 22 years old, making about $30k a year. I own a cheap rental property free and clear (worth about $55k) pulling in about $700 monthly. I 'm also on the deed to the home that I reside in, thanks to my mother who did this so I could apply for a HELOC because her credit is shot. (And yes lenders will still lend me the money even if I'm not on the mortgage, I checked.. surprising right?)

I know real estate investing is what I want to, and my plan was to use a HELOC from either my primary residence or my rental to go out and obtain another property. I just applied for a HELOC through PenFed credit Union for my primary residence ($60k in equity at 80% LTV) but its looking like I might get denied due to a number of things (length of credit history, multiple inquires, etc. etc.), also my credit score is 710.

Do any of you guys have any suggestions as to what are my best chances obtain a HELOC. Because it seems like its going to be the same end result everywhere and I dont want my credit pulled that many times just be denied. Any advice BP?

Mack