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.

[Phil Harris]

Jeff, thank you for the response.  My goal is long term income.  My main issue was not losing my positions in my other accounts, thus the need for a personal loan or a collateral loan of some kind.  I am only looking at 5 units or more now because he said that would be easier for him to finance.  I was at Wells Fargo.  My strategy is to take the income and equity I have now and turn it into something else.  I don't want to wait 20 more years to "retire".  I feel I have most of the money currently to turn it into cashflow now so I can slow down a bit.  Maybe I'm wrong?  I don't feel like I am far off though.  I've been in trucking for 20 years and its killing me.