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Updated 1 day ago on . Most recent reply

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Radka Barile
  • Investor
  • Pittsboro, NC
2
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3
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Advice: Accessing Equity from Initial Investment for Down Payment on 2nd Investment

Radka Barile
  • Investor
  • Pittsboro, NC
Posted

Would anyone have advice on our following situation:  (note: We are located in Pittsboro, NC about 25-30 minutes outside of the Triangle area of North Carolina)

-We personally own a primary residence that we reside in, FMV = $750K debt-free, no mortgage

-Through our LLC, we own an initial investment property being rented, FMV = $270K, debt-free, no mortgage

-Now we're looking at purchasing a second investment property (listed at $375K), but we like to know the best way to proceed with accessing equity for a 20% down payment and then which type of specific debt-financing (HELOC, DSCR, etc) to cover the remaining 80%.

The goal would be to put 20% equity down on the new investment via accessing equity in one of our current homes rather than using any cash on hand.  

-Also, are we able to access equity in our personal home or should we avoid commingling assets with our LLC?

Thank you!

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