Need Ideas for Financing an STR
Hi there! I have an opportunity to buy a STR (my 2nd) that I do not want to pass up. From my experience with my current STR, I am more than confident that I cannot pass up this deal but I'm struggling with figuring out the best way to finance it. Below are the details. I'm hoping those of you who are experts in creative financing can give me some ideas! :-)
- The builder hasn't decided on a price yet but my guess is it will be between 800-900k.
- My credit is 770+
- I can qualify for about 615k with a conventional loan, I have about 80k cash to use as well.
- I've leveraged 45k of equity in my primary home to purchase the first property (HELOC). The equity in my house has since gone up, so I could refinance the HELOC and get more money from there. I'm not sure how much, though.
- I also have probably about 200K in equity in my first STR, but from what I understand, it's difficult to get a HELOC on a 2nd home. Am I wrong with that?
Ok, that's it, I think. Let's hear your creative ideas! :-)
Stacy