FHA rental owner - journey to second rental property

[Will Driscoll]

Hi Everyone,

I purchased my first rental property at 23 years old (2018) in New Hampshire with the strategy of house hacking (3 units, 3 bedrooms each).

I cash flow fairly nicely, as I also rent out the 2 spare bedrooms in my apartment.

I’m actively searching for my next rental property but want to buy it with the banks money, as sourcing 20-25% down is not quite in the cards for me during this hot RE market.

Does anyone have experience doing a HELOC? Is it difficult to find lenders that do above 80% LTV? I presume I have about 20% equity based on market conditions and comps, but that doesn't leave much meat in the bone for traditional HELOC.

Thank you!

Will Driscoll