Suggestions on mortgage for my rentals.

[Jacob Fisher]

Hello,

I just made an offer on my 3rd rental. My first two I paid 20% down on two 3 bedrooms

1st rental I paid 37000 for at 4.3% interest

2nd 30000 for 5% both 15 year terms. I rent both for $600. Will be raising rent soon.

The third I’m hoping to get under 40k but listed at 49k. I asked the bank for this one, if I could do a 30 year. They said they only do 15year loans on rentals. He offered me to combine all 3 mortgages together for approximately 86k and using some of my equity as a down payment.

Would I be able to use some of my equity for a down payment but keep my loans separate? My first two loans should be getting close to being under 20k. I was thinking about paying my lowest mortgage off after I purchase a third rental.. So I don’t owe as much to the bank and improve my cash flow.

Please give me suggestions.

Thanks.