Just looking for creative solutions on how to get the most out of the 95K that I owe.

Our house in California has a loan on it for $220k but is worth about $600k and since we are still owner occupying it we are thinking of pulling out a HELOC on it so that we can use the money to purchase a couple for rental properties once we get back to Indiana or just have it available for any major future problems.

@Rich Somers - I agree with @Patrick Liska.Additionally, since you're going to be there for the inspection, you have the opportunity to pull in an electrician (or HVAC) IF the inspector finds major issues.

The home also appraised for 125k after the renovations so I was able to pull out almost all of my money to buy another rental.

The home also appraised for 125k after the renovations so I was able to pull out almost all of my money to buy another rental.

The home also appraised for 125k after the renovations so I was able to pull out almost all of my money to buy another rental.

Any reason you couldn't pull closer to 60K back out on the refi with a traditional 20 or 25% down loan, or do you already know what your refi vehicle will be? 

I wanted to pull some equity out to buy another rental property.

It might work but it will take someone with experience to pull it off.

On an investment property; A SFR if you have #1-4 mortgages you can pull out up to 75% of the equity and a 2-4 units is up to 70% equity.