Can’t refinance to do BRRRR
Hey everyone,
I have four single family homes in Fort Lauderdale.
I bought property 4 using two Interest only HELOCs from two of my single family properties.
Property 1 had no mortgage. I have a $112,000 INT only HELOC. Property is valued at $180,000. Cash flow is $700 per month.
Property 2 has a first mortgage with a balance of $50,000 and $137,000 INT only HELOC. Property is valued at $300,000. Cash flow is $300 per month.
Property 3 has a first mortgage with a balance of $350,000. Property is valued at $430,000. Cash flow is $125 per month.
Since I used the HELOCs to purchase property 4, my total DTI is up to 72%.
I don’t have any issues with making all the payments, but it would be nice to pull the money back out to pay the HELOCs back and repeat this process, without selling property 4.
Any suggestions would be amazing!
Thanks to everyone in advance!!