What to do with the heloc
Hey all you BPs!
I’d love your input.
The quick story- we bought a house and kept it when we moved in to another so now it’s a rental that cashflows 300/ mo (we will raise rent by 200$ in April). We found out we could get a heloc on that 1st home and so used that money to purchase a second property that has an above garage apt so both house and apt cash flows 650/mo for a total of 850 ish mo and 3 doors. But now we also have a heloc for 50k.
(This is also before I knew about brrrr)
THE QUESTION:
Should we refinance our 1st rental and wrap up the heloc at the lose of the heloc and maybe some cashflow?
How is debt to income figures bc I feel like with the two peoperties in our name and the heloc they think we are about at max on the debt/income.
I want our next move to be a 4-12 plex and eventually I would love apartment complexes. So I’m just trying to figure out how to quickly pay off the heloc and creatively find the next move (we use the 850$/mo towards heloc).