Advice on next steps

[Samuel Huang]

Hi All!

I'm looking for advice on how to proceed next.

I'm trying to find an out of state investment property for about under 300k (lower the better of course).

The markets I've narrowed down is Fayetteville NC, Las Vegas NV, and or Austin TX. 

Austin TX is more of a stretch. I'm from the Bay Area so I know what tech can do to your market. Within my budget of less than 300k, I think I might have missed the window for Austin TX. Any insight would be appreciated.

I have just refinanced 3 of my loans, my primary, my investment, and my heloc. It went from 3 loans to 2: primary and investment. Overall, I was able to shave off $700/month.

I'm assuming this would reduce my DTI ratio.

Here's where I need advice:

Since I no longer have my Heloc, should I reapply for another Heloc (to use as down payment) or should I speak with a Lender from the respected Markets to see what I qualify for?

My loan officer who just did my most recent refinances said applying for another Heloc shouldn't affect my chances of getting another mortgage in my respected markets if the Heloc remains untouched. I guess I'm afraid that I won't be able to secure a 4th mortgage if I get the Heloc.

Thank you all in advanced for your assistance,

Sam

[Aaron Signer]

@Samuel Huang

Take this with whatever grains of salt necessary but I would absolutely secure the HELOC again. Having ready access to funds is always important and most HELOCs won't charge you more than an annual fee (nominal) to simply have them open.

In my conversations with loan officers, until the line is being used, it isn't a factor when they look at new mortgages. Now that you're saving $700 a month, your DTI should be more appealing. If you have the ability to fund the down payment from a different source initially (self directed IRA, savings, etc.) and then simply reimburse yourself from the HELOC, the lender has no need to be concerned.

As for where to put your money, @Zach Rymarcsuk invests in that part of NC and might be able to give you insight there. Cost of entry to Austin precludes a lot of CF options but I still like the market here if you can find a good deal.