All Forum Posts by: Alan Eng

Thanks for your reply Jerry. Would they give me a hard time about the building being mostly rentals as opposed to owned occupied? i ask because they denied me for a HELOC for that reason.

Btw these are inherited and I am a total noob. I do want to build myself wealth though and i have been trying to learn everything I can to use this to my advantage.

Hi,

I currently own 3 properties. 

2 are full paid off and are being rented. Total net worth about $800k.

Rent per month: $3150

1 owner occupied property with a lien of about $188K.

How can i use my properties to secure loans to purchase more property? I tried to take out a HELOC but my units have too many rentals and did not qualify from a bank.

Would I have the same difficulty if i tried to do a Cash Out refinance on one of the properties? 

Thank for your comments in advance!

Hi,

I am a 25 year old Help Desk Analyst. I am on Bigger Pockets because i want to create a reliable recurring income for the future.

I live in a co-op with a mortgage and I also have 2 investment properties without liens. My goal here is to buy 10 properties in 10 years. With the help of this community I am looking to beat the rat race of NYC.