Advise for future rental purchase financing
HI everyone
I just joined BP a couple of weeks ago and find a great resource. I should have joined earlier.
I'd like to get some input about how should to proceed with my property purchases particularly regarding financing future purchases.
My investment history and current properties :
Property 1) 2-family. Bank owned, cash purchase 6/2011 ($98K, inc closing costs). Fully rented since 9/2011. Cash flow=$1000/month
Property 2) 2-family. Short sale cash purchase10/2012 ($90k inc closing costs). Fully rented since 12/2012. Cash flow=$1400/month
Property 3) single-family. Short sale, cash purchase 12/2015. Rented since 11/2016. Cash flow=$1300/month
Not sure how meaningful it is but the "Zestimate" values for Properties 1, 2 and 3 are 197k, 172k,and 159k, respectively.
I also have my primary residence, part of which I rent. There is a mortgage on this with an outstanding principal balance of $145k. I have no other debt or other significant income sources.
The above properties are all in Plainfield, NJ. Cash flow is net income from rent after expenses (prop tax, garbage collection, insurance etc).
I Have approx 50k cash to put towards future purchase(s). My credit rating is 812.
I am looking to buy another property for holding/rental and am looking in to the best way to finance this. What opportunities are there for using equity in existing properties for future purchases? Conventional loans, other loan types?
Thanks
Nick