After purchasing a home, how long must I wait before I can be approved for a Home Equity Loan?

I'm interested in buying an invesment property but the home needs a little work. I'd like to get a Home Equity Loan to cover some of the renovation costs. Would I be able to get a Home Equity Loan immediately after closing on the mortgage? If not how long must I wait before being approved for the Home... show more I'm interested in buying an invesment property but the home needs a little work. I'd like to get a Home Equity Loan to cover some of the renovation costs. Would I be able to get a Home Equity Loan immediately after closing on the mortgage? If not how long must I wait before being approved for the Home Equity Loan?
Update: I'm interested in buying an investment property but the home needs a little work. I'd like to get a Home Equity Loan to cover some of the renovation costs. The asking price of the home I'm interested in is 30% under market value. Would I be able to get a Home Equity Loan immediately after closing on... show more I'm interested in buying an investment property but the home needs a little work. I'd like to get a Home Equity Loan to cover some of the renovation costs. The asking price of the home I'm interested in is 30% under market value. Would I be able to get a Home Equity Loan immediately after closing on the mortgage? If not how long must I wait before being approved for the Home Equity Loan?
Update 2: The asking price of the home I'm interested in is 30% under market value.
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