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Hello all,

need some advice from the wonderful folks here a FW ..

I bought an Investment property with Cash (short sale).
It is currently rented for 24months.

I do not want to get a Mortgage as I don't need the cash right now (translate - don't want to pay interest).

I will need to eventually tap into the equity as I plan to buy more properties.

So the question is : Can I get a HELOC for my Investment property which has NO mortgage.

It not what are my other options.

I have heard of an Umbrella mortgage - I can I get an umbrella HELOC (rolling my existing primary residence and my investment property)

what is the best way to have access to my equity ???

any help is appreciated ...

PS: Also I bought a short sale property; And since I got it with cash I have to wait 365days before I can apply for mortgage. This was told by one Mortgage broker; This has not been confirmed or denied by other Brokers. Seems to be a grey area.

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I should add I am in IL

Wells Fargo does not service IL
TD Bank does not service IL
Huntington Bank does not service IL


I tried CITI, PNC and Harris .. no go with either one. They do not offer HELOC for Investment properties.

have to try PENFED

bump .. anybody ??

thanks HBax for the links ...

Why not just get a mortgage when you actually need the money. Usually on HELOCs there's an initial draw, and if they sit with a 0.00 balance for a while, they are prone to closure by the bank.

lotusgardener said:   Why not just get a mortgage when you actually need the money. Usually on HELOCs there's an initial draw, and if they sit with a 0.00 balance for a while, they are prone to closure by the bank.

yeah I thought a about it .. but as I mentioned, I was told by one Mortgage broker that I should not finance a cash short sale under 365days; This has not been confirmed or denied by other Brokers.



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