There are many variables to getting equity from a house. Just to clarify what these may be may require you to call your local lender(s) to review your credit (that being one of those things they evaluate); the other item on the to do list, do you have enough income to support both houses? Or are you planning to buy all cash with the money from the equity line? And on, and on. It is advisable to get pre-approved by a lender for either or both loans, and then make plans to go see/buy an investment property. The financing options have changed, and unless you're familiar with these -- the guidelines, etc., you may be in for a surprise. Good luck.