My next move.

[James N. Jones III]

Hello All, 

Looking for advice on my next move. I recently got married and was able to rent out my townhouse and move in with my wife. The tenants have just signed their second year lease. I want to pull out some equity in the townhouse to purchase another piece of property. I would rather do a HELOC sense my interest rate is low. The townhouse is still in my name and my name is not on my wife's home. Should I be looking to get the townhouse out of name and into a LLC or trust? Should I do that before or after I pull out money? Sense I no longer live in the townhouse would I still get approved for 3.5-5% down payment program if I plan to stay in one of the units of a multi family for at least one year? A lot of thought! Thanks in advance.