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Updated over 9 years ago,

User Stats

326
Posts
130
Votes
Alex J.
  • Investor
  • Tarzana CA and Houston, TX
130
Votes |
326
Posts

Multi Family portfolio in Los Angeles, financing questions

Alex J.
  • Investor
  • Tarzana CA and Houston, TX
Posted

Hey Everybody Hello from Houston!

This is my first question/posting, i am relatively new to BP really enjoy the info on forums and podcasts.  This site is awesome and i wish i came across it 4-5 years ago

Anyway...so FINANCING question/Help needed

I have been investing in RE since 2009 mainly in multi units in Los Angeles

Two 4plexes, 

One SFR,

One SFR that i built a 2nd unit on and I guess now is considered a duplex.

In addition to the above I own a personal residency SFR

4 investments 1 personal residency, total 5 loans.

I wanted to tap into the equity of the SFR that is now a DUPLEX yet i found out AFTER the project was completed that I cannot do a refi cash out due to the amount of loans I have, but that I can try to do a HELOC and then after 6 months if i have used the funds for investment or what not, then i could refi that into a fixed rate loan say a 30 yr or whatever.

This sounded swell... Until the bank I was going thru told me that they dont do HELOC on a duplex for a non owner occupied property.

So my questions to the forum are: 

1) What do investors do to access their equity if they have more than 4 properties on non owner stuff ASIDE from hard money lending - like a refi cash out for more than 4

2) Is there a non owner occupied HELOC that works for multi units?

Again the business im conducting is primary in Los Angeles regarding real estate so I dont know if theres state specific mandates any feedback would be a tremendous help!!!

Thanks in advance and look fwd to connecting with others and actively posting in forums with my experiences over the years.

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