Haste makes waste? When to wait and when to secure financing?
I'm at a crossroad. I currently have 3 multi family properties, 2 that have positive cash flow. The other breaks even (personal reason, covering expenses of an immediate family member. This isnt going to change in the short term.)
I'm looking to pull out equity from 1 property to join a business partner and start Brrrr'ing.
I have two options currently, or 3 rather. I can move one of my investment properties back into my name (currently in an LLC for asset protection) and apply for a HELOC. I've called about 15 banks/credit unions/regional banks and none so far will do a HELOC on an investment property that is being held in an LLC.
I also have the option of a Cash-Out refi without income verification at about 6.5% (I have a High DTI because of my investment properties). This option will kill the cashflow on one of my properties leaving me with only 1 cash flowing property.
Last option is to take a Hard Money Loan to start Brrrr'ing. Very risky in my opinion.
Any suggestions? I have an idea of what I should do, just not sure. Also, there is no immediate deal waiting for me and my partner. We planned don waiting to secure financing first.