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Updated almost 9 years ago,

Account Closed
  • Investor
  • Ontario, NY
3
Votes |
17
Posts

Cash out refinance with 8 mortgages

Account Closed
  • Investor
  • Ontario, NY
Posted

I am looking for better ways to come up with down payments on buy and hold investments. I live, work and invest in the Rochester, NY area and self manage. I currently have 6 MF properties and carry 8 mortgages including my own primary with an HELOC on it. I use the HELOC to get through times when I need fast cash for repairs and closing costs. All my properties cash flow and once I replenish cash I buy again. I have been using my own funds for the down payments. All are conventional loans, most at 4.5% apr and less. I've been putting down 30-35% due to the bank rules. Banks say I am unable to do more cash out refi's due to the number of mortgages (More than 4). I have one property with decent equity with an apr of 5.8% and 7 years left on the loan. I'd like to tap that equity. I don't want to sell it, but it's an option. It's a good property but not my best in terms of cash flow. I am depleting my own funds quickly and would like to grow faster. I understand when using my own funds that this is what happens. I'm searching for ideas on ways to buy more properties by coming up with lower down payments faster or dealing with alternate financing methods. I prefer class B properties which usually require clean deals.

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