New to the Real Estate World

[William C.]

Hello everyone

I'm Will from Philadelphia Pa. I've been trying to get into real estate for a while now. I finally got my first property at a good deal, it's currently being renovated and should be up and running by April 1st. I wanted to put it back on the market for a good profit and buy more properties to hold and rent out. I decided to keep the property to rent out, I wanted to take out a home equity loan but a lot of banks want you to own the property for 6-12 months. I have a couple of questions.1. If I own the property flat out, can I take out a HELOC on the property and rent it out? 2. Does the property have to be in my name for a period of time before I can take out a HELOC?