I found a HELOC that does not use tax returns (still waiting for the application materials to look over) through Truss Financial Group. Has anyone had any experience with this company or this type of HELOC? I'm trying to see if there are any more options out there as they seem almost impossible to find (being self-employed and having too many deductions, the regular banks won't do anything). This would be a HELOC on primary residence (I haven't been able to find anything for rentals).

I did a HELOC about a month ago. Local Bank. I haven’t had a loan of any kind since 1992. Didn’t know anything about loans these days. Just went into the bank and told them I would like to set up a HELOC using a rental just in case I thought I would need some extra money. Low and behold, about 3 weeks later they called me in to sign the papers. Glad I did it. Yesterday I borrowed 23K to buy some vehicles at an auction down by Hattiesburg MS. We will see how it works.

So I would say that “Yes” you should still be able to get a HELOC loan off a rental if it is free and clear.

Mike, when you did this did you have to go thru an appraisal or anything special to prove the place isn't an empty shell?

I too would like to set up a HELOC on a place or two that I own outright.

@ Lauren IN I know this sounds kind of stupid but I have no idea what kind of rate I received. I just wanted access to some cash if I needed it.

@ Zero I had to do nothing special that I remember. I just went in to the bank and ask what I needed to do to get a HELOC. They looked at my accounts, said they would get back with me in a few days. They called me a little later to come in and sign the papers. I got 50K credit on a rental that I had had for a few years. All my rentals on this side of the state are with this bank. The other side of the state rentals are with different banks. At present I think I am down to about 70 properties. Some are rentals, some are empty land. I am just a country boy doing the best he can.

Turns out this was a good move on my part. My niece, who has been in the auto sales business for over 20 years called me up 5 days ago and told me if I wanted to buy some cars at auction in MS to give her 24K and we could make some good money in a short period of time. So, the HELCO came in handy.

The rate doesn’t mean much cause like you said it will be short time. Pay back will be withing 3 months.

Thanks Mike, I think you are doing splendid for a country boy.

Best of luck with the vehicles as well. Money to be made as long as you have someone who knows what they are doing.

Prime +2 sounds great.

I know back when I bought my set of dupes I got ARMs that were prime plus 1. That was amazing to me at the time.

Just looked online at my CU and they only say variable for the HELOC rate. Instead of prime plus X.