Oh, yes - Citibank - My former source for easy money.I don't know whats up with them but they also declared my county "declining in value" and unexpectedly suspended my heloc without warning...aggravating.This morning I read they were laying off thousands.

Now we are looking into HELOC possibly to fund our first house purchase.We are afraid to involve the house we are living in (4 BR single family in middle class neighborhood) but at the same time, want to find the best way to break into real estate.

Well , unfortunately i've ran into a problem...The appraiser only appraised the value of the home for what i'm paying on it (which means he felt the condition was below par, used ONLY reo comps that reflected the value he felt matched it).Becuase of that , its thrown me out of getting a HELOC due to appraisal seasoning , so i've gotta repair the property out of pocket.Thankfully to get the value i feel (I'm going for $10k on top of the 43k that i'll have into it) and remburse myself for the $3k i'll be spending on it.

What are some of most important things to look for in securing a HELOC?

Also, withdrawing from the HELOC (if you have one) would most likely have a lower interest rate than your CC debt.

Shop for a good HELOC, know the numbers of what you are getting into with both the Heloc (adjustable) and the rental.

If so, open a HELOC at a local bank.

Initial loan was for $158k and the HELOC was $150k in 2008.

I bought 1 property with my available funds at first then also used a HELOC on my primary to start my investing career.

Find a friend or family with a HELOC, offer them 10% interest for 3 years no pre-payment penalty, minimum $50k.