Equity Options - HELOC to purchase or payoff or Refi & repeat?

[Daniel Kern]

Good Morning BP,

I am wondering what everyone's thoughts are when in a good equity position with single family investments? I know there is no one right answer, but I am wondering your thoughts on the best options moving forward. We currently have 5 units and want to continue to Buy and Hold and eventually move into bigger multi-families (tris and quads) or small apartments (5-15+ units). 

1. Take out a HELOC and apply to principle balance of investment property to aggressively pay off the loan (all are under 100k)

2. Refinance and Repeat and find additional properties keeping the 30 year notes

3. Combo of both, take half the HELOC to pay down principle balance and half for down payment on next property

4. Other better options?

I often find myself looking for next best move to ensure my families financial stability and growth and want to stay focused while not sitting stagnant in a market where there is limited inventory in our area for SFHs and multis.  Trying to stay patient and think long term but do not want to miss opportunities to pay down a loan or cash flow recycle.   Thanks to all!