I am hoping to gain some insight into what my next steps should be.
Currently I own 3 rental properties 3 units each (all in CT), with good cash flow. I do most of the management myself. I have 25% down on each one. Currently I have three different loans.
My questions are:
how do I keep growing?
Should I continue to invest in 3-4 family residential families units? Or should I start looking into trading up?
Is it possible for me to roll all my property loans into one?
Is it possible to get a LOC on the properties, then use the credit line to fund the next purchase?
Thank you in advance
Depending on what your personal goals are, the would decide what your next moves should be. If your current deals are working out well, maybe you should continue to grow your portfolio in that realm.
If you mov to 5+ units, they would be considered commercial properties which would give lender a different view when financing the property.
You could get a "blanket loan" for all of your properties, but you will have to find a lender willing to do so. Feel free to shop around and see what rates lender will offer you.
For a LOC, you will also have to shop around and see who will allow this and what their rates are. Depending on where you go, they will have different offers. Some may not allow you to take a LOC.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you