Taking Line of Credit from my STR business

[Kymberly Chase]

My yearly cost to run my STR is $30k and I've been bringing in $100k for the last 2 years. Can I take out a HELOC/somehow leverage to pull cash out for a down payment on another property?

[Kerry Baird]

I have had business credit for a couple of years, in the form of credit cards. We got approved for one Amex for one (STR) business and another Amex Blue for the other (LTR) business. Amex recently offered us a BLOC or business line of credit. We also were approved for the Chase Ink. Neither of these report to our personal credit.

We got approved for a few credit cards that report on our personal, which is not good for our DTI. These are TD Bank Business credit card, CapitalOne Spark.