Hi Everyone!
I am a new member and so glad to have found biggerpockets. I have been a podcast listener with the likes of Lifestyle Unlimited, Epic Real Estate Investing, REIclub etc. Although I like the information they provide, I didn't like the sales pitch every time I listen to them. But when I found Biggerpockets it blew me away with the information that I receive through their podcasts and forums for FREE. Yes, I am an instant member.
Anyway, about me, I am just a new investor looking for greener pasture in Real Estate Investing. I work full-time at USPS but do part-time Real Estate Agent on the side, mainly help some relatives, friends, family members buy their house. But now, just like everybody else I wanted to transition from being a realtor to serious investor, hopefully. : )
Now the question, I have recently(almost 2 years ago) bought my first Rental Property in Auburn, WA, and has been rented since with no problem. The reason I haven't bought another property is because the Bank that financed the property told me to wait for two years--being a landlord--to be able to buy another property. Whether that is true or not, I listened. Almost two years later, I went to the same lender only to be told that I cannot do LOC on the property because it is a rental property. What?! I waited for almost two years for nothing. Anyone out there help me find a way to leverage myself to be able to buy another property? I don't want to do Cash-out REFI because I got a good deal on the interest rate which is only 3.25% 30-year. The property has built-up some equity(40%) since I bought it and would like to use that dead equity for another one. Any ideas?
Thanks in advance.
Sincerely,
Rey
