Fixed Mortgage vs ARM vs HELOC with over four mortgages

[Jim Kaufman]

Hi all. I am a brand new member and first time post. I like what I see so far. I figured I would say hello since I am new - Hello everyone!

I would also love some advice on financing some upcoming rental purchases.

I have two HELOC's and two interest only conventional loans on my five properties. I am going to add a number of new rentals in the next year, mostly in Columbia and Bluffton SC and I may add some properties in Mooresville NC. As such, the mortgage brokers I am talking to are all over the board on whether my HELOC's will count toward the four property rule. I am also torn between the ease and low cost of getting a HELOC after closing (possibly limited to four mortgages) vs locking in a fixed rate with a conventional 30 yr note in case interest rate escalate over the next five years. I did see a post talking about the attractiveness of a 5 or 7 yr arm, which sounds pretty good.

Plus I am getting shut down with most of my sources with the mortgages that I already have in place. I have one short sell pending bank acceptance and some other properties I am close to making a decision on. As we all know, cash rules but is limited (unfortunately). I figure this is a good time to put together a long term financing strategy prior to moving forward.

Any help is greatly appreciated.

Thanks!
Jim