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Updated about 9 years ago on . Most recent reply

User Stats

46
Posts
7
Votes
Thoai Han
  • Real Estate Agent And Investor
  • Philadelphia, PA
7
Votes |
46
Posts

Rental Property Completed, I feel like it's not enough

Thoai Han
  • Real Estate Agent And Investor
  • Philadelphia, PA
Posted

Hello BP! My first rental unit is finally complete and I have two tenants in place. I own the property free and clear, but I am stuck on what decisions to do next. 

So I've came to these options.
- Should I purchase another property (D to C grade property), renovate it and bring both of these properties to the bank to shop for a good HELOC rate? (Which takes about 4 to 8 months depending on how life goes) Or...
-Should I wait to qualify for a mortgage and purchase a B to A grade property in a desirable area?
-Wait to qualify for a loan to purchase a commercial property 6 Units + Storefront 

I'm the first of my generation here, there's no one to ask for advice except the BP family. Any advice guys?

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