Advice needed please!
Hello everyone!
My wife and I are in the process of building our portfolio by purchasing a 2nd single family home to hold (and rent out) long term.
Some quick round numbers for some background:
Our principal residence has app. 126 k in equity.
Our 1st rental property has app. 100 k in equity.
The property that we are looking to buy next will be somewhere in the 110 -150 k range, and we both have exceptional credit.
We've taken a HELOC out on our principal residence, so we'll have the 20% down in which to fund investment property #2.
My question is: do you recommend that we go the traditional finance route (30 year fixed rate, hopefully 4.5% or lower, etc.) OR try and use the equity in investment property #1? Or, is there an investment property loan program that I'm not aware of that I should look into?
Thanks very much for any and all help in advance!
JA