HELOC of rental property

[Sean Li]

I turned my first house into a rental property since I moved out of Washington State and to San Antonio, TX. It has about 110 k equity built up by now. I plan to tap the equity via HELOC as funding for staggered projects, such as rehab, fixing that most investors will need now and then.

I know some local credit union can do HELOC for rental properties. I wonder if I should search for credit unions in Washington or here in Texas, or search for online lenders. Can someone provide your opinion?

Thanks,

[Kyle J.]

You'll have better luck calling lenders in Washington because Texas has some regulations that aren't commonly found in other states which only allow HELOCs on your primary/homestead property.  And while your property happens to be outside of Texas, you probably won't find many/any lenders in Texas that offer the product you're looking for because there's no use for it in that state.