Advice: Accessing Equity from Initial Investment for Down Payment on 2nd Investment
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!