How should I refi current homes to purchase first investment?

[Yeng Hawj]

Looking for ideas on refinancing the homes I currently own, and take out cash for either BRRRR or purchasing multifamily units. Here are the numbers:

Home#1 (Primary)
FHA Loan, 140K left
Estimated value, 330K

Home#2 (Rental to family)
Conv, 160K left
Estimated value, 440K

Home#3 (Secondary but used as rental for family)
Conv, 240K left
Estimated value, 330K

-How much equity can I take out on each?  I did a rough calculation of (70% of value - loan amt) and came up with around 238k?  
-What other creative ways are there that I can do with the equity to make it work for me?

Sorry for being so general with the numbers.  Any insight and help is much appreciated.  If you need more info let me know.  TIA.

Yeng

[Eddy T.]

Yeng Hawj. Heloc is your best bet as an investor. That’s what I did with my primary residence. No closing cost & no appraisal fees. You pay on the money you use. I use my heloc to buy & flip houses. Either cash out & refi. Or down payment using hard money. I use it for BRRRRs & pay it back after I cash out refi.

In your case primary residence 90% ltv. You can get a heloc for 157k on your primary residence.
-2nd home 75% ltv. 170k heloc
-3rd I would leave it. Not enough equity

The benefit w/ heloc. Your existing mortgage stays the same. You just have access to cash anytime w/ heloc. If you don’t use the heloc. You have no payments and your equity is still remains.

If you take cash out refi. Your mortgage payment will increase and now you’re in more debt then when you started.

This is only my opinion because it’s working for me. Hope this help.