Using a HELOC to fund next SFH purchase

[Chad Bailey]

Hello,

I currently own a SFH LTR in the Katy, TX area and the home is owned outright. I'm looking to expand and buy other LTR SFHs and am curious if anyone has experience pulling a HELOC to use as "Cash" to competitively purchase their next deal then refinancing our into a conventional mortgage. I've met with one local credit union thus far (TDECU) and they said outright they don't do HELOCs. So I'm just curious if anyone has used this strategy and if you have any comments. What banks have you used to get HELOC's is it advantageous? Any other recommendations?

Thanks!

Chad B.