Updated almost 5 years ago on . Most recent reply
Heloc vs cash out refinance
Hey guys,
Here's the situation. I'm ready to make moves 2021. I've owned a 3 family for about 6 years now. I have 200k equity in it. I did a live in flip on a single which is closing in a few weeks. My offer on another 3 family got accepted and I will be using the money from the single to do a 3.5% fha loan on the three fam.
The next step is what becomes overwhelming.. in a good way. I have lots of options.
1. Heloc and use this equity to buy 2 more 3/4 families
2. Cash out refinance and buy 2 more 3/4 families
3. Sell my first three family 1031 exchange and use this to buy two more three fams... I could then actually do 1. Or 2. And buy another 2 more!
Looking for some guidance here as I'm at a crucial step. One thing to add is that my three family I've owned is in a very good area of the city, great tenants, in good shape, and I truly see will just keep going up. I'm more contemplating between 1 and 2 but see 3 as an option.
My over all goal is live rent free, have atleast $2600 monthly income from rentals and begin selling real estate as a licensed sale person. I've worked construction my entire life.. my goal is of course financial freedom or atleast the ability to comfortably transfer into real estate sales