Purchasing 3rd Rental unit (50k 1br/1ba short sale)own a rental house free and clear (about 100k), but plan on selling it in a year or two.... rental w/ 60% Loan-Value (190k-115k)have about a 70% Loan-Value (243k-345k) on primary..So I can't get 50k HELOC without going over 80%Can't get HELOC on investment except Wells Fargo.. but high fees and cancel feesCould do regular loan on rental, but hate to pay 2500 in fees when selling in a year or two...Other Ideas?

Thanks guys, your input is always appreciated.Has anyone ever dealt with Discover/Morgan Stanley HELOC's?

The 1st loan is now listed as "paid for less then full amount", but the 2nd (HELOC from Chase) is now asking me to pay the original HELOC amount of $47,000, even though they have already released the loan and the property is no longer mine.Chase did inform me before we finished the short sale that I would sitll owe the total amount of the HELOC even though they would be releasing the lien, but since I live in a non-recouse state and the HELOC was all purchase money (used to pay off original 2nd mortgage, as the HELOC had a lower interest rate), I was under the impression that worst-case scenario, they would issue me a 1099 and I would be liable for taxes.Should I just ignore their efforts and hope it is charged off, or is it in my best interest to try and negotiate a very low payoff with them (we would not be able to pay much)?

This was done with my HELOC (leveraged funds).

They have a first mortgage with Bank of America for about $240,000 and a HELOC with National City Bank for around $90,000.

For investment property, or if the homeowner took out a HELOC and went on a vacation or bought a car, then you owe the tax.

If you think you can get HELOC, get as much as you can qualify for.

I've recently experienced a credit union willing to give HELOC on a house seemingly based on my word and a quick glance at a neighborhood, while skipping appraisal or BPO and ignoring county tax value.

Definately A if I were to use financing because I can get a HELOC by living in the house during fixup time and only pay about 5% currently.Otherwise E because I could do more deals and build the nestegg by charging the partner a percentage of the profit for the deals until I have enough that I can cash finance everything on my own.

Credit cards, friends and family, HELOCs on your other property, etc.