Creative mortgage using equity in 3 homes to finance a 4th (loan, loan)
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I live in Queens NY and have several properties with good amounts of equity in them.
I have three houses right now. Two houses with about 200K equity and 200k mortgages, and one home fully paid off with about 400k equity. One is rented, one is investment being worked on for sale eventually, and one I live in.
I want to take out 390 in loan value to buy the fourth house. I'll move into that house and rent the rest. The home being worked on is going to be sold as soon as the work is completed with proceeds used to pay down the other loans as permits.
How can I do this. I am not getting very good answers from the agent as he sees this as too risky to take me as an offer.
Overall I am trying to optimize this deal in my favor. Keeping the risk low on the home i plan on living in.
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