Collateral Loans or Using HELOC to fund Multi Family

[Phil Harris]

I just got back from talking with the bank about my situation. I was told in my situation that I should be looking at properties with 5 or more units. My goal is to simplify everything and to have one person I can go to with all of my needs. I went in with the question can I consolidate all of my accounts and use that as collateral towards the purchase of a property. I have roughly 100k sitting in different spots, Edward Jones, and work 401k's, and some other equity. He steered me towards a HELOC and I could get 60k towards a down payment that way. Not sure what my question to the group is, but I want to be able to rinse and repeat this process at least every 6 months. Would this be doable? I've been told lots of stuff, and have read lots of stuff. He says, 5 or more units is going to be easier for me to get financed than 4 or less. I'm probably making this more complicated than I need.