I am putting the finishing touches on my first rental property. I am fortunate enough to own it out right with no mortgage. I would like to keep expanding my rental portfolio in the future. However, I just purchased another property for myself and finance to reside in with no intention of renting that one out, needless to say these ventures have left me liquid cash poor at moment. However, I’m the kind of person that is always thinking about the next step. I am curios to how some of you may have or may be increasing your rental portfolio inventory by leveraging existing equity to purchasing new rental properties. Any horror stories, success stories, tricks, and or tips would be greatly appreciated. This is a relatively new concept to me and no one in my direct network has experience with these types of transactions and tools, so I'm in the dark. Many thanks!
Cash out refi the rental. I just did that, converted four mortgages into one, cut out of pocket expenses $2800 per month as well. I used Conventus.