HELOC on Investment Property
I have an investment property that currently does not have any mortgage. I would like to open a line of credit on this property but the first 1/2 dozen places I have called, have done mortgages with these banks in the past, say that they will not give a HELOC on an investment property. Any advice? Is it not possible to get a HELOC on an investment property? I was listening to a podcast from BP recently, might have been an old podcast not sure, and the strategy the investor used for investing was taking out HELOCs on his properties once the mortgage was paid off. Hard to believe that his strategy is based on something impossible.