13 months 13 units. Where to go from here.

[Aaron Harren]

In the last 13 months I have purchased 5 properties totaling 13 units. Been a fun adventure and I have learned so much! Looking for advice options out there on how to refinance, 2nd mortgage, business line, ect.. I live in MN. I have used a HELOC for my down payments on all of these properties and would like to pull money out to pay down the HELOC now???? Thanks for any advice!!!

Aaron

[Julee Felsman]

Hi Aaron! 

The best path forward could involve any/all of the options you outlined. As Jaysen mentioned, you'll need to share more details about the properties you acquired, their values and your goals.

Refinancing means paying a full set of loan fees, but will likely have the lowest rates of all of your options. You can refinance rentals with cash back at up to 70-80% of their value (the more you want to borrow, the less favorable the loan terms tend to be.

Credit lines/Seconds are another option and usually carry lower costs, but expect rates to be a good bit higher.

Business lines will based on the property cash flow... without a bit longer track record of income and expenses you may have a little trouble securing a business line.

Hope that helps a little!  But getting into the weeds with a lender is probably your best move. I assume you've been working with a lender as you made these acquisitions... reach out to them. Or if they don't seem well equipped to handle your questions or inclined to help you solve puzzles, reach out to a lender on BP.  

I'm happy to throw my hat into the ring. I'm licensed in MN and could help out, if you decide to enlist new help beyond your current lending team.

Either way, congrats and good luck!

Julee