Cash out home refinance or HELOC?

[Carolyn Leonforte]

Good evening! I have two rental properties in two separate states (MD and OK). I plan to jump into my first BRRRR using my equity, very excited!

I would like to do a cash out refinance of both homes, or potentially a HELOC. I was under the impression that I could combine both mortgages into a single new one and pull out my equity in both the homes. I recently reached out to a local mortgage lender and they said it can't be done because the properties are in two separate states.

Does anyone have experience in this? Any advice or examples you can share is much appreciated in advance!

-Carolyn Leonforte

[Whitney Hutten]

@Carolyn Leonforte Agreed. I would do a HELOC on one or both properties (best to have your lines of credit when you don't need them anyways!) to do your BRRRRs. That way you aren't inflating your expenses right now, but leveraging your equity. Also, I'm not a fan of tying properties together in a blanket loan... that's just me.

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