Pulling Equity out of paid off investment property options?

[Rob Shah]

Hello,

I recently bought an investment property which is a townhouse and paid for it in all cash. Now, I have been approached to partner on a deal to buy/hold an apt complex (23 studios) but I need some of the money to come from the equity in my first investment property (townhouse) purchase. Quick background that might influence your responses, I bought the property in Oct. 2013 and its already rented with positive cash flow ~ abt $850 p/month. The area isnt the greatest but its against a busy road. Will a bank allow me to create an equity line of credit on this property so i can fund purchasing an apt complex?

Thanks for you inputs.

Rob

[Elizabeth Colegrove]

@Rob Shah

Honestly you don't know till you try :) What I did was create a list of all the "non major chains" and call around and ask! You have nothing to lose except a little bit of time.