How to best make use of the money in my paid off rental property
(I posted about this in another Discussion board. Interested to hear what others in this board has to say, too. Thanks!)
Hi BP friends,
I have 1 rental property that I paid all cash for ($150k). Right now, I'm looking to purchase more rental properties (thinking about 4 doors each in the $50k price range) and would like to know how I can best make use of my equity from my 1 rental property.
I've looked into getting a home equity loan, however, I was turned off by the high interest rate.
I'm reaching out to all of you for suggestions. If you're in my situation, how would you go about doing the financing for my next 4 doors, using the $150K in my first rental property?
Thanks much in advance.
Rachel