Investing in Grand Rapids
Quick recap: I've been a member for awhile now but never get a chance to post due to a real 40+ hour job, rehabbing a condo for a family member and managing my own rental.
What I have so far: 1 rental house in Wyoming (clear title) worth 55 - 60k. I've owned this house for 1 year and 2 months so far and ready to tackle another.
Goal: Needing help and creative financing to obtain a 2nd house. I've talked to a couple local banks to pull equity out of the rental house but they said my debt to income ratio is right at the edge and even though I could pull about 70% of it's value that would take care of a down payment but I wouldn't be able to get a mortgage for the rest. I'm looking for someone in the Grand Rapids area, let's have some coffee and talk options.
Most Popular Reply
Hi @Sean N.,
Do you have any equity in your primary residence? I acquired my first rental property about 2 months ago and I drew on a home equity line of credit (HELOC) to make it happen. Also, if your 9-5 provides you with a 401K, you could also consider a 401K loan as well. I'm considering this for my next rental property. That said, you'll need to make sure that you read up on the features of your 401K plan to understand how a potential loan might work. Hope this helps!