New investor need guidance
Hi All,
This is my first post in bigger pockets. I have been a long time member.
I now have 2 properties. Property #1 Is a three family and Property #2 is a Duplex that I owner occupy and rent out the other half.
Property #1 is valued at around 500k. It currently has a 300k mortgage is cash flowing $1,400.00 a month
Property#2 was a BRRR and is valued around 900k. I have a mortgage of 585k and I come out of pocket 1k per month to cover the mortgage and another $ 500 a month for the utilities. If I were to move from this property my unit could bring in roughly 4k a month, cash flowing 2.5k a month.
I am looking to get my next property and wanted to get input on HELOC compared to keeping equity on the property. What would your next move be? I currently would not be able to afford another property for another year without the HELOC but rates are so low I'm torn.
Christian, you are clearly getting off to a great start. To try to answer about the next move would require more info about you, like:
Are you a 1 income household? How high & how stable is your income?
Where would you live if you moved out? What would the rent be or would you house hack the next place, if so, at what price?
Could you do a cash out refi on property #1?
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Attorney
- 516-503-7959
- http://SuzannePlayer.CBamHomes.com