How quickly can I take out a HELOC on a newly acquired home.

[Ty Kelly]

Hey Everyone! My wife and I closed on our first home 7/24/18. It is a 3 bed/ 2 bath brick home in a rural town outside of Jacksonville, FL. We bought the home for 120k, but we decided to finance the renovations (40k) into the loan, so our mortgage will be for 160k. We bought this home for under market value, and I believe we will have some serious equity in the house after renovations. We’d like to take the equity we have to put down on a rental property. How quickly can one take out a HELOC on a newly acquired home? Thank you for your advice in advanced. Respectfully, Ty

[Brie Schmidt]

@Ty Kelly - you can do a HELOC on the day of closing - up to 90% of LTV