Where should I go from here?

[Kyle Ritt]

Hey everybody! I purchased a duplex in Hillsboro, Oregon in March 2016. It’s got close to $90k equity. I also opened up a sub shop in September of 2016. All I’ve heard from lenders is that to be qualified for another purchase, they need 2 years tax returns from the business. My goal is to purchase another property ASAP. Side note, my fiancée just purchased a duplex a mile away from mine and I will be renting out my owner occupied side to live in hers. Is there any thoughts or suggestions on how I can get another multi family before another year passes? Cheers!

[Jay Helms]

Congrats @Kyle Ritt! Go for the HELOC if you plan to acquire you're next solo. The reason I like the HELOC over the cash-out refinance is the HELOC pretty much acts like a credit card - you only pay (and accumulate interest) on your current balance. So if it takes you 3-6 months to find another deal, you aren't paying monthly for it. With a cash-out refinance, you're paying on the full balance of the loan the day it closes. BUT, consider the terms for each.

If you're looking for a partnership, start talking to all of your friends and family. You broker the deal by putting it together, they sign for the loan, you provide the down payment...split everything 50/50 (or any version of this scenario).