Updated over 7 years ago on . Most recent reply
Sitting on $500K in equity - looking for property #4 - next move?
We currently own 3 properties (6 units total; one is our primary residence with a studio out back). Property details listed below. According to the property appraiser's site, this is where we stand with each one. Looking for property #4. Found one we like. Property is two units, listed at $155k but the real estate agent made the mistake of telling us there's a health issue for the buyer, they are older and looking to dump their rentals. Price has already dropped $10k in 45 days. We took a hard hit from an issue with the city regarding an after-the-fact permit and everything going wrong on each property this year so we've only got about $8k in cash. Looking for the best way to scoop up this next property using the equity, preferably without putting our primary residence in the mix. The property we're looking at is directly across the street and down the street from our rentals so we know the area well. Up and coming close to beaches, shopping, culture activities, restaurants, etc. in a growing and desirable town (St. Petersburg, FL). Any advice? Thanks for all replies!
Property #1; primary residence: Owe $167K, estimate on appraiser's site $453K - income $740 per month from studio, mortgage $1400 per month.
Property #2; 1st rental purchase; owe $43K, estimate on appraiser's site $155K - income $1625 per month, mortgage $492 per month
Property #3; 2nd rental purchase; owe $52K, estimate on appraiser's site $129K - income $1500 per month, mortgage $520 per month
We would prefer not to use cash as we're not in the best position for that at the moment. Looking for suggestions on the quickest and best way to attack this ASAP.