equity

[Lee Schram]

Looking for some help.

I would like to pull some equity out of a property (non owner occupied, no mortgage) and use that equity for additional real estate purposes. One purpose is to use some of the money as a down payment on another property. I am having trouble because every bank I speak with says the property must be owner occupied to use a HELOC.

@Brandon Turner book The Book On Investing in Real Estate with No and Low Money Down talks about how some portfolio lenders and hard money lenders may still allow you to obtain a second mortgage on a rental property.

I know there has to be a way that others do this.

What am I missing?  Please help

Thanks