Starting Out - Financing From Home Equity
Hi All -
Not sure if this is the best place to post this but I couldn't find anywhere else more appropriate. I have a Owner Occupied Duplex and I am really struggling with how I finance my next opportunity. Like I need some cash! I am starting with small multifamily however if something came along bigger, I would consider it if the numbers were favorable. I'm particularly interested in cash-flow assets however wouldn't turn down solid appreciation.
My duplex that was just appraised at $500k and my 1st mortgage balance is $286k with a 30 year fixed rate at 3.7%. Most lenders I have spoken to require a 25% down-payment for non-owner occupied investment properties. Given this, how do I best utilize my existing equity to obtain the cash needed to finance my next opportunity ?
Specifically, I'm looking at folks that have done this in the past and can offer first hand advice on what works best given the options.
Thanks.