What would you say is my best option?
Hello everyone,
This is my first post on BP, but I've been listening to the podcasts for several months now. I own a rental property in Washington State that cashflows only a few hundred each month, but has a large amount of equity according to online sources such as Zillow. Roughly $140,000. I do not have a large amount saved for down payments, but I am working on that by saving as much of my main source of income as possible and working a side job. In addition to that, I've been driving around in my spare time and writing down the addresses of homes that seem to be in need of repair, although I'm mostly only seeing homes that have drooping blinds or peeling paint, not many true distressed properties. I'm also not entirely sure what to do with these addresses as I am not a wholesaler. However, I am beginning to work on some real estate classes and may attempt to get a real estate agent license, but mostly just for the knowledge.
With that information, I have several questions.
Would you consider a HELOC on the Washington property a good choice, or is it a better choice to Cash-out refinance and essentially lose all cash flow?
Do you have any recommendations on how to find a lender that might provide a HELOC on investment property equity?
Do you have any recommendations for wholesalers in the Tempe, Arizona, or Pensacola, Florida areas?
Do you have any other recommendations for networking outside of the BP website?
Thank you for your time!