Innovative Finance ideas

If anyone can assist with some creative suggestions to assist me I would be appreciative. I placed a post in the General Area but it was suggested to try the Finance Area for some feedback.

Here goes! some time ago I was retrenched. I have three rental producing properties that cover there own expenses. I wish to undertake buying, renovating & onselling as a means of making income. Although there is about $150,000 equity in one house is there a way of getting finance to be able to purchase & onsell etc without selling that property? That property has portability of loan on it. 2nd Mortgage? Credit Facility?

Should I look for a private investor or look to a joint venture or what? I must conclude by stating that I do not really object to having to sell this property, grab equity in cash, purchase another with portable loan and tip in some cash and that would leave me with cashflpw to renovate etc. Am I just at the stage where getting started is the hardest and after that it will all fall into place and roll along as buy & sell is what I wish to do???
Dear bklk

As you are not working it will be difficult to qualify for a conventional loan.

But there are loans out there called 'lo docs'. They are generally up to 80% LVR. The rates are usually higher, but they don't require proof of income. You still have to declare your income and have to be able to service the loan, but usually they don't require proof.

RAMS have a lo doc at 7.09% at 80% LVR.
GE have a 90% LVR product with self certification with no mortgage insurance, but the rate is 10.65%! (it would be cheaper to wrap off someone!). There are many others out there (ING, Suncorp, Macquarie bank etc)

Depending on the amounts involved you could change banks to one of these loan doc loans, get a loan at 80% of the value repay current loan and withdraw the rest as cash. Then use this cash as deposit for the next one.