Question/Advise: financing/funding options

[Donnie N.]

Hi,

I'm still relatively new to REI. I looking for some advise/opinions on financing/funding for my next deal. I'm looking to grow my portfolio.

Some base info:

1) I own 3 SFH in the midwest. (~$45k-$50k each)

2) I’m an out of state investor. (located in California)

3) The 3 properties paid for…no loans on them.

Questions:

1) What’s the best way to pull or leverage the equity from my 3 units? local bank?

2) If local bank…would it be in California or in the same area where my properties are located?

3) Is it possible to set it up as a line of credit vs. a conventional loan? Or should I ReFi them?

4) If ReFi…would I do it one at a time or is it possible to package them up?

5) Or should I take out a conventional loan and just let the cash flow from the 3 units pay off the loan? Can I qualify for a Fannie Mae for investment properties?

Thanks in advance for any advise.

Donnie