Question regarding financing rental property

[Jim Kleyman]

Hi everyone, newbie to the BP site here.

Intro: I am "retired" with a high net worth, but living mostly off of savings. Over 50% of my NW is in real estate, most of it rented, but at a low CAP because the resort property is worth so much more than the rents will bear. But I don't want to sell it, nor refinance it - I use it myself for 6 months/yr. Also, I recently sold another rental house I owned. Yet, I became addicted to the extra income it generated, so I bought an additional rental - a duplex, in Florida - last month. I paid cash. It cash flows well - almost what the house did at less than half the cost.

I want to buy some additional props without drawing down more savings, and began searching for mtg financing for the duplex. We have excellent credit and almost no debt, but ran into the following constraints imposed by brokers and lenders;

1. I own a $400K condo outright but can't get a HELOC because I don't have enough "income', only savings.

2. I can't count the income now from my new purchase because I have only owned it for a month, despite the secure leases and rental history.

3. I can't take cash out/mtg the prop because it is in an LLC (even if I cosign personally!).

I had hoped to purchase multiple properties by using my savings as down payments and leverage each purchase with a mtg against the property.  I have years of experience developing raw land, as an engineer and as an investor/manager/owner. But I haven't done this since the 90's and much has changed regarding financing, at least conventionally it appears.

I would really appreciate any suggestions from experienced RE investors, regarding how I can leverage property equity based on generated rental income.  Please reply here if you need more info from me.

Thanks,

Jim