How often to visit the home equity well?
Hello folks. I'm new to real estate and have a question relative to tapping into my primary residence equity. My home is worth $1.3M appraised and it's all free and clear. I want to use up to $750k as down-payments on 30-year fixed mortgages for 3 or 4 multi-family rental properties. The plan is to buy, refurb, rent, and hold the asset long-term.
The deals are going to come along sporadically, of course, so I'm wondering how to structure the equity transactions so the cash is there when I need it. I want the freedom to move quickly when I find a good deal. Should I take out one $750k refi, and sit on the cash until I need it? Should I take the first, say $250k, and refinance as each deal comes along?
I'm moving methodically and working with a trusted realtor, financial planner, and my bank of 15 years. So, this is probably just the first of a bazillion questions I'm sure I'll post to this amazingly helpful website. Thanks in advance for your help.