I have a heloc on my primary for about 60k of 100k @3.5%.

It is best to find portfolio banks that have looser requirements than fannie and freddieAnother strategy i have seen on BP is to get a heloc on the property and then wait the required 6 months to a year then do a full refinance.

This is my ideal thought but may not be a fit for my family as I have a wife and daughter and we will look to have a 2nd child next year.Option 3: Rent my SFH but take out an HELOC or HELoan with less monthly cash flow to put towards a new primary residence in New Braunfels/Schertz and try to increase value quickly in order to refinance and pay back the HELOC which would then be re purposed towards a Duplex, Triplex or fourplex to have an additional property and hopefully generate cash flow.My question is, does anyone have any experience with anything similar to my option 3?  

We were LUCKY, it was PAYING FOR ITSELF.Also luckily, while we are in NC, and when the market was still "strong" we had the FORESIGHT to take a HELOC ( home equity line of credit) on our Boston Condo. 

HELOC's may be better in a situation such as yours.  

Normally I hear about the 4 property limit when it comes to traditional mortgages plus a couple of HELOCs as well.

I have used my HELOC funds to purchase this property.

(Or maybe both.)The beauty of a HELOC is that you don't have to use the funds right away and you can borrow against it over and over again as you see fit.If you borrow against your primary you still get to take the tax breaks (interest tends to be tax deductible) because it's attached to your primary residence.Start there, and if that isn't an option, I'd suggest checking out the options with local lenders about financing programs.

If this looks like it's going to be a home run, have you considered cash out refinances or HELOCs?

HI all,I just purchased 4 condos in the Raleigh, NC area using cash.  Now I am thinking of taking out equity line of credit against each of the condo's.  I tried TD Bank and the closing cost is really high, from $3,00...