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Updated 24 days ago on . Most recent reply

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Morgan Jefferson
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How do I use my $200k of equity to BRRR a new property

Morgan Jefferson
Posted

Hi! I'm a novice. My home in Atlanta has $200k in equity but I can't access it given my current credit score (for HELOC, etc). I currently rent my house out and profit $800 per month. I can replicate this in the area and found a house near an upcoming development that has a good price, but I have no idea how to approach creative financing. Can anyone give advice or provide mentorship?

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Caleb Brown
  • Real Estate Agent
  • Kansas City
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Caleb Brown
  • Real Estate Agent
  • Kansas City
Replied

Besides HELOC you can try doing a cash out refi. If your credit is bad that might make it difficult. DSCR might be a option. Another option is selling to reinvest to buy 1-2 more properties. Make sure you clean your credit up. Real Estate is dependent on debt unless you have high income for paying cash every time.

  • Caleb Brown

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