Hey BP Community, I'm wondering if there are advantages/disadvantages from getting a HELOC from a local bank or a mortgage company.  Will either have a greater likelihood of offering a higher credit line? I'm planning...

This is a more risky asset for many lenders and this being your first biz?

If i sell this, i may be able to net between 189k - 230k depending on what i get, not including fees (agent)  and capital gainsGoalTo be financially independent in 5 years or less so i can travel the world more.

There can be legal/asset protection benefits but not tax benefits.

I'd plan to pay off both loans within 5-7 years with cash flow from the rental and other income and assets.I'm an accredited investor and will still have more than a year of expenses covered in liquid assets and additional funds to buy another 1-2 properties in the next 2 years, which is my goal.I don't know if I've provided enough or the right information to get some opinions if what I'm planning to do with my current house and new home purchase makes sense. 

Financial Freedom!

I would not rent a house with 4 beds and 1 bathroom on another floor unless I had no other option, or was just getting started in life.I’d comp this below other similarly sized assets, but it’s all about the numbers.

My overall goal is to become a multibillionaire, with a B, through REI, achieve financial freedom and create generational wealth for my future family.

@Evan GaterAre you buying the asset at foreclosure from a junior lien or you buying junior liens prior to foreclosure?

I will likely keep growing the portfolio and partner with my kids on deals to accelerate their path to wealth and financial freedom as well.I plan to continue targeting value add properties around the country for chances to grow my portfolio.