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Updated 21 days ago on . Most recent reply

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Scott DeBruyne
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2 properties - looking at adding a 3rd. Best way to finance?

Scott DeBruyne
Posted

I have 2 properties in the Denver Metro area with no debt. I found one in Omaha. What advice would you give for financing a 3rd property? I do not have more than 5% for a down payment. Thanks!

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Caleb Brown
#5 Buying & Selling Real Estate Contributor
  • Real Estate Agent
  • Kansas City
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Caleb Brown
#5 Buying & Selling Real Estate Contributor
  • Real Estate Agent
  • Kansas City
Replied

The 2 properties you have don't have any debt? If that's the case you can refi. You can refi to have enough for a DP for a 3rd property. HELOC can be an option but it's more expensive and you'd want to pay that off quickly. I would make sure you have money saved before adding the 3rd to be a safety net. If you refi and pull money out leave some set aside for a rainy day/repairs/maintenance.

  • Caleb Brown

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