1st residence is now a STR, looking to add a multifamily

[Colton Murray]

As the title states, my primary home and 1st ever purchase is now a STR and has done well since January. I bought in 2014 and made many improvements, Since I'm located close to a beach I decided to rent it out for high season (jan-april) and save money by staying with family in the meantime.

With that said, I decided to take a 100k HELOC out on my first residence due to the amount of equity I had and have been looking for a multifamily relentlessly. I stumbled across one that seems to have great numbers and wanted to get some advice.

I have a 800 credit score and will owe 288k on my house with the heloc included. I found a 6 plex I'd like to offer 440,000 on(industrial area with hospital nearby and steady growth). It is fully rented right now with monthly rents totaling 4250. The plan is to put 20% down on the 6 plex utilizing the heloc and then getting a commercial loan for the remainder. Can I use the current signed leases to be accounted for towards the commercial loan? I'm not sure what my odds would be for getting approved on an additional 350,000 loan. I make 75k at my W2 job and am covering the mortgage and then some on my primary but have not met the "2 year" requirement for rental income to count on short term rentals. I also have an additional 12k in future bookings that I can show.

Is there anything I'm not seeing or does anyone reading this have experience with this sort of thing? I really am excited about this 6 plex because it meets all of my criteria and the numbers seem to be pretty good. If done right I should cash flow $220/door. I'd pay off the heloc with any and all extra $ coming in including OT from my W2 job.