HELOC advice
Hello BP community,
I discovered this site a few months ago, I love the podcast, however, this will be my first post. There seems to be a lot of very experienced investors on this platform. So I thought I would ask for your advice. I currently own a duplex in the Magnolia area of Seattle. I have no plans of selling it, I hope to develop it one day but I am in no rush since it makes a nice rental with positive cash flow. What I would like to do soon is buy another investment property probably in Tacoma. I am thinking my best option would be to get a Heloc on the duplex. I owe about $260,000 on it but it is valued at around $650,000. However, when I went to apply for a HELOC at my local credit union for $100,000 they denied me saying my "debt to income was too high". My income the past 2 years has been low since I have been only working part time so I can take care of my 1yr old daughter. My question is what advice can you give me on obtaining a HELOC with my low income but descent equity?
Any advice would be much appreciated. Thank you in advance.
-Zena