What should be my next move?
Afternoon Biggerpocket friends and memebers,
Here is my situation. I bought my first investment property with all my capital. So its free and clear. I bought it for $15k put $15k into it so im at $30. House that have compareable comps have been selling for $55.Im renting for $650 a mnth. So im trying to get capital back by getting a cash out on it, but no one is wanting to do cash out on that low of a loan. What there telling me is to pull a line of credit on my primary thats worth $110k and my primary is free and clear also. Should i make that next move? My thoughts were well im a beginner at this so what am i going to do with $80-$90k? Should i use it to buy another free and clear investment or should i spread the money out and use it as 20% down on 3-4 investment properties? Should I stop wasting time trying to cash out a low loan and just pull a heloc on my primary? What should I do?
Thanks in advance