Ready to move forward to next level

[Michael Rivera]

Hello Everyone!

This is my first post to BiggerPockets.com. I love this site and the community. I'm from Seattle, btw!

I own three rental properties (1 single family, 1 duplex and 1 live/work commercial condo) and they are all cash flow positive and getting better each year. I'm now ready to take the next step and acquire more property for the business.

But here's the deal, I'm not sure my bank will finance me. I have good credit but currently all the properties, including my primary residence, are under my name. Will a bank lend me more money for acquisitions even though I have 1.7 mil in loans? Again, the properties are very cash flow positive and i have 30% equity, at least, in the properties. Do I just need to show the bank the numbers behind the properties?

Also, I would love love love to spin these properties off into their own business, like an LLC, so they won't be in my name. How did you all do this? Is there some way to do some sort of cascading payoff, where I take out equity, pay off one loan, move it to LLC then refi and take out equity to do the same for the others?

I'm ready to go to the next level and have resources to do so, but first I'd like to establish the foundation for the business and financing.

Thanks for your help!

Michael