Advice on Cash Property Purchase and HELOC

[John Erickson]

I'm purchasing a property this week in Mississippi. It will be a cash purchase. This will be my 3rd rental investment property (mix of long and short term rentals). I'm eyeing my next move which will almost certainly be a vacation rental property in Mexico. Since mortgage loans in Mexico are hard to come by and very expensive (10-12%), I'm thinking about leveraging the equity in my Mississippi property with a refinance down the road for a cash purchase in Mexico. What would be the best way to get my cash out of the Mississippi property...refinance? HELOC? Any other ideas? In order to work with either of those scenarios, I'll need to purchase the property in my name and not a business, correct?