Pulling Out Equity From Rental Property

[Cameron Rouse]

I converted my primary residence to a rental property two months ago. I have 150K in equity in the home, it was appraised before I moved out to remove PMI. I was hoping to do a HELOC on the property and use the equity to purchase a couple for rental properties. Really wish I did this before I had moved out! Now that it is a rental property the LTV ratio for a HELOC is 65% and the interest rate is a couple points higher. This leaves me with only $27,000 that I could pull out.

Does anyone have any ideas of how I could pull out more equity to invest in additional rental properties? I would consider selling but the property has good cash flow, $600 a month, and is in a good Portland neighborhood that will appreciate in value.

[Jon Nelson]

Originally posted by @Cameron Rouse:

Anyone in Portland, OR area know of any local banks that offer 70%+ LTV HELOC's on rental properties?

I am having great luck with bank of the west they seem motivated for some reason. they give me 75% .5% higher interest than owner occupied I am a premier member so I also get $1000 back on any loan. they where really easy  I did not have to send 20 things after application approval like I have with other loans in the past.