Rental Property Equity

[Justin Tanoue]

I own a 2/2 rental property in Las Vegas. I purchased it for $42,000 cash but today comps list for $50,000 to $60,000. Is there any way I can access this equity to purchase another in the same building?

I applied for a loan at US Bank last year, but they told me the only reason they would not give me a loan is because the owner occupant ratio for this complex is only 10%, and it needed to be above 60% to be eligible for an equity loan. Does anyone know of any other lender who can provide equity loans for rental properties with low owner occupant ratios? Thanks!

[Adrian Chu]

Originally posted by @Justin Tanoue:

I own a 2/2 rental property in Las Vegas. I purchased it for $42,000 cash but today comps list for $50,000 to $60,000. Is there any way I can access this equity to purchase another in the same building?

I applied for a loan at US Bank last year, but they told me the only reason they would not give me a loan is because the owner occupant ratio for this complex is only 10%, and it needed to be above 60% to be eligible for an equity loan. Does anyone know of any other lender who can provide equity loans for rental properties with low owner occupant ratios? Thanks!

Try to get an equity line of credit.  Those are typically not subject to regular conventional lending guidelines.