Multi Family portfolio in Los Angeles, financing questions
Hey Everybody Hello from Houston!
This is my first question/posting, i am relatively new to BP really enjoy the info on forums and podcasts. This site is awesome and i wish i came across it 4-5 years ago
Anyway...so FINANCING question/Help needed
I have been investing in RE since 2009 mainly in multi units in Los Angeles
Two 4plexes,
One SFR,
One SFR that i built a 2nd unit on and I guess now is considered a duplex.
In addition to the above I own a personal residency SFR
4 investments 1 personal residency, total 5 loans.
I wanted to tap into the equity of the SFR that is now a DUPLEX yet i found out AFTER the project was completed that I cannot do a refi cash out due to the amount of loans I have, but that I can try to do a HELOC and then after 6 months if i have used the funds for investment or what not, then i could refi that into a fixed rate loan say a 30 yr or whatever.
This sounded swell... Until the bank I was going thru told me that they dont do HELOC on a duplex for a non owner occupied property.
So my questions to the forum are:
1) What do investors do to access their equity if they have more than 4 properties on non owner stuff ASIDE from hard money lending - like a refi cash out for more than 4
2) Is there a non owner occupied HELOC that works for multi units?
Again the business im conducting is primary in Los Angeles regarding real estate so I dont know if theres state specific mandates any feedback would be a tremendous help!!!
Thanks in advance and look fwd to connecting with others and actively posting in forums with my experiences over the years.