Refinancing/Cashing out a property I recently bought in NYC

[Jimmy Rim]

Hi all,

I recently bought a $1M condo in NYC full cash and plan to buy more real estate properties in the greater NY area by loaning against the condo and repeating it. What would be the best financing strategy? I hear the pros and cons of refinancing vs. HELOC vs. Home equity loan etc. and am a bit confused.

In theory, if I can get an 80% LTV, my understanding is that I would be able to buy

-800K + 640K + 512K + 409K + 327K + ......

by repeating this. Let me know if I'm missing something and general advice would be helpful too. What would you do if you are in my situation?

Thank you all!