BRRRR finance confusion

[Kirsten Milliken]

Forgive me for not being patient enough to find this information in another post.  

I am confused about mortgage options in my BRRRR situation.

I own a rental property in Indianapolis, which I bought in January using a HELOC on my primary residence. THe house has been rented since I have owned it. I now want to get a mortgage to pull some money out of this to pay off the HELOC and put a down payment on another property. I am confused about what type of financing I need to pursue. I keep seeing some loans I can only get for what I paid for the property. THe current value is nearly twice what I paid.

THank you in advance for your help.  

[Todd Rasmussen]

@Kirsten Milliken

Cash out refinance. I am pm'ing you local lender in Indy as well.