My credit has been my largest boundary, dispite a very good amount of equity. Making it nearly impossible...I know it is possible, there are many options, I am exploring them to the best of my ability and trying not to get frustrated or backed into a corner. Although every direction seems to be a road block. Either, credit is a factor, I'm not borrowing enough, no blanket loans, can't borrow off the equity of the one I own free and clear without a cosigner. Need to explore private lending more, building my credibility, indirect marketing, networking, etc...gonna have to partner on this one and sell, so that I can fund my next deal. Where there is a will, there is a way. Not discouraged, moving forward with positivity...
Not many lenders want to be in second position on an asset. If you're exploring tapping equity, consider a cash out REFI of your primary, or bundling stuff with a single lender. If stuff goes south that equity is worth nothing to your second position lender when they get wiped out (along with you). If you still are being told you need a cosigner... Well, keep checking around, but take that as a sign that you need to improve your credit!
@Nisha Hyde If you own a property free and clear, I would focus on building your credit so you can tap that equity.
In general, once you have no late payments for one year and your credit cards aren't maxed, you should be in the mid 600's for a score, and begin to be eligible to tap that equity.