How / When to Leverage Equity in Existing Condo?
Hypothetical Scenario:
I own a condo in Lowell that I purchased for $213,900. I put down 25% down payment, and got a loan for 75% of the purchase price so I have $53,475 equity in the condo. I have a loan of $160,425. Monthly Rent is $1700. So far, I have collected one month of rent.
I'm looking to purchase another condo in Methuen for $159,000 with another DSCR loan by leveraging existing equity in the condo in Lowell.
Should I do a HELOC, home equity loan, or a cash out refinance here? I need at least 39,750 for the new down payment.
Open to any / all ideas on how to leverage the first condo.