Looking for advice in Illinois!

[Jennifer Szoldatits]

Looking for advice! I am located in Illinois and have 2 rental homes. Purchased our first rental a little over a year ago (conventional loan with 25% down) and just closed on our second one earlier this month...

All of our cash is tied up in the second house (purchased with all cash and brrrring) I was under the impression that we have to wait 6 months to refinance to pull the cash back out.. but after checking out a couple sites I am reading that I might be able to refi earlier... just have to find the right bank? Also was just told by a local banker that we cant take out a line of credit for an investment property.. 

Really just wanting to grow our portfolio without having to wait 6 more months.. 

Am I just not talking to the right people?! HELP!

[Zack Karp]

Thanks for the tag @Mark F.!

@Jennifer Szoldatits welcome to BP!  Mark explained it well.  If you purchase with any mortgage/loan that's recorded as a lien, you need to wait 6 months to pull cash out with a Conventional loan.  But, if you purchase with cash or a private loan (no lien), you can use a fun little loophole called Delayed Financing to cash out without waiting 6 months.  Not many loan officers even understand how it works!

Sounds like you paid cash, so we can use Delayed Financing for you.  So it appears that you're talking to the wrong people LOL.  I'll send you a PM if you want to connect.  Happy to help explain all your options.  If not, best of luck!