Financing Advice on SFR's

[Devon Craychee]

Hello,

I am looking for some advice on the best way to use the equity in my two rentals to buy additional properties.  Here is my current loan info:

House #1 - 64K left on loan.  House is on zillow estimate for 142K.  I know zillow is not the place to go to for estimates I just wanted to put it out there.  My realtor says the house is worth 160K and will sell immediately.  

House #2 - 88K left on loan.  House is on zillow estimate for 157K. I know zillow is not the place to go to for estimates I just wanted to put it out there. My realtor says the house is worth 170K and will sell immediately.

 Both homes are on 30 year loans:

House # 1 - 4.625%

House #2 - 4.5%

I would like to put these on 15 year notes. 

I have been told it's not worth it to refinance and pull money out because of all the fees I would be paying. I have also been told I can not do a HELOC either because they are investment properties although I have read and listened to a lot of investors on here that seem to be doing them.

I do have additional cash on hand to invest but I would like to use the equity build up in these two properties in addition to put myself in an even better position to purchase either a couple more SFR or a Multi family.

Both homes are located in Nampa, Idaho and are financed through a large bank, not a local community bank which I would like to start building a relationship with.

I would appreciate any advice.

Thanks,

Devon

[Devon Craychee]

@Jonna Weber@Corby Goade-thank you both for the suggestions.  I will be reaching out to both places.  I will let you know how it goes.