All Forum Posts by: Terrance Lee

@Lane Kawaoka Thanks for that tip Lane, I'm very interested in the Fort Worth and Houston areas as well.

@Kenneth McKeown Thanks!  That is the goal, would love to connect as well.

@Aziz Raji Thanks!  I appreciate it and I definitely will.

My name is Terrance Lee, I am a Program Engineer living in Mckinney, TX and currently own one rental property in the Ft. Worth TX area.  My goals are to build a portfolio of rental properties for passive income with a focus on multi-family properties, and to build relationships that will help others achieve their goals as well.

Looking forward to networking!

@Preston Wengert Good to know about WF, thanks!  

@David Eichhorst Had not considered a cash out refinance, thanks for the suggestion!

I currently have a townhome in the Fort Worth, TX area that I've been renting out to the same tenant since 2011. Current value is around $130K and I have $69K that I owe on the property. I would like to start investing in multi-family properties, starting with duplexes. Instead of selling my townhome and using the cash to fund my next deals (my assumption is a sale would leave me with a profit of between $50-$60K depending on final sale price, fees etc.), I am considering using my equity instead via a Home Equity Line of Credit (HELOC) to fund the next deal. That would allow me to keep my current property (which has been appreciating nicely..) and buy something else.

My issue has been that every bank and credit union I've contacted has stated that the home needs to be my primary residence in order for them to consider a HELOC. Does anyone have any suggestions on how to approach this, or know any good sources that issue HELOCs on investment properties? Or do you recommend another funding option other than a HELOC?

Thanks!

Terrance Lee

Dallas, TX