Should I take a blanket loan to fund my multi-family investment
Ok my BP gurus,
Here is my situation. I am looking to expand my real estate portfolio. I currently own 4 properties valuing around 500k-560k. 3 properties are fully paid off the other is at 50% LTV.
Looking to purchase a multi-family unit 4-10 units for under 200k (preferably about 100-150k) and keep for long term.
My idea was to do as I always have which was pull out the equity from my current homes to purchase the MF cash. I can get a better deal if paid cash but interest rates may be slightly higher (my equity line of credit is at 4.25%) I was thinking of using a portfolio lender and possibly getting a blanket loan on the 3 properties that are paid outright.
Any suggestions on loan options for my situation?
I currently have 10-20% cash on hand if I choose to do a 30 year fixed loan.