Updated 9 days ago on . Most recent reply
Financial Blueprint To Scaling Early On
We "stumbled" into the real estate game about 2 years ago when we bought our new home and decided to rent our old one instead of selling it. After 2 years its becoming clear that we want to start scaling (most likely BRRR, maybe MFH), however our bank funds are limited as far as the scale thats needed for real estate. That being said we have about 200k in equity in our rental and im curious the best way to access/use this to start scaling. Cash out refinance is not a good choice because the interest rate on our rental is 3.8%. Is the best route from this position Second mortgage at 70-ish LPV?
Once we access those funds, whats the best way to execute after that? Hard Money loan along side the second mortgage to close and then get a DSCR loan? is there another clever way to tap into the equity and make it work for us? Thank you in advance.