Cash out refinance and HELOC together?

1 Reply

Hey guys!

Question.

I have two three families going well. I'm ready for the third. The problem is the bank wants a chunk of cash. 20% down plus reserve. For my area and what I'm looking for im short around 20kish cash. I cash out refinanced my three family and have that cash ready to go. They only allowed me to do 70%. I still have a chunk of cash in there. I've been working with my multis for about 7 years now and have no fear of taking a loan for the rest of the cash. My question is.. can I get a heloc for the same house I cashed out of to get some of the remaining money? If not does anyone have any other ideas? I see a couple of potential buys and ready to go. Thank you

I wouldn't say it's impossible but you are going to have a very difficult time finding a lender to take a 2nd mortgage on a multifamily investment property. I would maybe look into hard money or private money for the buy side and then refinance if you're looking at any value add properties.