Best HELOC Option???

[John Stapleton]

Plan to get a HELOC for down payment on my (future) first deal. Are small local banks or large banks a better option?

[Matt Nico]

Originally posted by @John Stapleton:

Plan to get a HELOC for down payment on my (future) first deal. Are small local banks or large banks a better option?

 Hey John,

I'd try to avoid the big banks. I'm pulling in thousands of dollars in cash flow from my rental properties, and my wife works a job as an engineer making a lot of money, and Wells Fargo is rejecting a $50,000 HELOC I'm requesting. I know the times we are in suck for lending money, but its still crazy I cannot get approved. I have yet to find a small community bank yet but it looks like that's my option. Hope my story helps you.