HELOC on SFH Investment Properties
I currently have 3 SFH but am running into a problem of trying to get my cash out so I can move onto the next project. They are all FREE AND CLEAR. The first (in North Dakota) is rented for $2,000 a month, the second (in North Dakota) I am owner financing for $2,000 a month, and the last one (in California) is about a month from being completed and I anticipate getting about $2,500 a month. The first one already has a buyer and I am closing that one in four-five months for a selling price of $295,000. The second one I am carrying the loan and that is for $260,000. The last one is being listed for $350,000 in the next two-three weeks. So I have about $900,000 in assets and no cash to move forward. I do not want to get any a mortgage but I would like to get a HELOC so that I can pull out the cash I need to star the next two projects I have lined up. Does anyone do that or know of any banks that work on that?