Lining up a Refi>Heloc>Cash out to purchase next property

[Neil He]

We bought our first Triplex rental last year in July 2018 using an FHA loan.

Bought it under market, improved rents, improved the home. I think we are at 80%LTV with an appraisal or very close.

• I want to switch up to a conventional loan to drop PMI.
• Then, If i understand it correctly I might be able to get a heloc on up to 90%LTV
• Last, use that to cash out on the HELOC for a down payment on another owner occupy with 10% down.

Do I have my method correct and is the 90%LTV and 10% down correct from what the banks usually offer?

Side question: My wife's and my total income is slightly low for buying in California.

• Would it be beneficial to move out and rent an apartment so we can show extra income from our now owner-occupied unit?
• I own another house in Florida. Can I have a lease that rents to a family member to show more income?