What To Do with First Rental???
Hello Everyone,
I am Marine Corps veteran that was stuck in analysis paralysis. I finally was able to get out of the analysis paralysis after 3 years of soaking up as much real estate as possible. We did it, we leased out our house within 4 weeks of posting and cash flowing $660/month !! My wife(Vanessa) did all the hard work of posting the property and screening tenants. Thanks to Brandon Turners book on Managing Rental Property. My wife and I purchased our new primary residence using the CALVET loan. For any veteran rookie investors take advantage of the benefit. You do not have pay PMI and you can purchase house with 0% down. I have been learning a lot of the benefits CA veterans have here in California.
Situation: We purchased our rental property(old primary residence) in 2009 for $170,000, its currently worth $490,000. We currently owe $112,000 and have 7 more years to pay it off. Our plan was to get a HELOC and purchase out of state. While going through escrow, our real estate agent advised us not to apply for any HELOC or Refinance loans because it would screw up the closing process.
Question: Do we need to wait a couple of months to apply for the HELOC? Can we apply for HELOC now with proof that we care cash flowing? We want to pull out the equity and put the money to work.
Any advice tips is appreciated.
Thank you!!!