Hello everyone. I currently have 2 properties, one of which is a rental. Both properties have equity above $100k. I would like to start investing in either a rental or a flip. The question I have is what would be the best option to get the capital for the investment property? I am thinking refinance the rental property to take advantage of the equity. A question to go along with that is what type of mortgage should I take to if I go that route.
Any suggestions would be much appreciated.
If I were in your shoes James, I would pick rental, for example. Since flips involve rehabbing, and finding a rental that needs very little or no rehab means quick to market, using my equity towards that investment purchase makes since to me. what do you think? Question: did you flip either of your other props? Because if you did, it my be time BRRRR.
@Leon Collins thank you for the input. I haven’t
Refinanced but am considering.
Any time, James. I love analyzing properties, so if you need any help there, please let me know. Btw: how did you acquire your 1st and 2nd properties? If you don't mind sharing?
@James Black doing the refi might stop your cash flow , another option is Heloc if you have equity on your primary residence.
Does not really matter , the suggestion is how to have funds or capital available to invest .
@Dante Feria thank you very much for the input.