Can I get a Home Equity Loan to purchase a rental property?
So, that way I could use some money to rehab around the property rather than getting a mortgage loan. The rental properties are usually ranged $30K to $50K.
Thanks!
done all the time
I am a mortgage banker in TN & KY
. You can do this if you have $30,000 in equity. Dont make your offer until the money is in your bank account. Many 2nd loans have been cancelled with no notice. The banks are tightening up.