New to BP and Needing Advice
Hello everyone. Needing some advice on the smartest way to use funds available to me to build my portfolio with Multi Family properties. I am fairly new at Real Estate investing and a little late in the game at 61. However, I have 3 rental properties (Single Family Homes) that are paid off. I want to be in a position to retire from my business if I choose in 5 years with the cashflow generated from the Multi Family properties I purchase. I have a HELOC on one of my rental properties ( 0 balance, so I have the full amount to use) Also, on the other 2 properties I can do a Cashout Refi or HELOC that can produce aprox. 160k between the both. I realize I need to get on the hop pretty quickly to reach my goal. I can use some help on what the best way to start utilizing my funds and build my portfolio?
Should I only use the Heloc in place to buy a property cash or finance with a down payment and use the brrrr method to purchase more? Should I use in addition to my Heloc a Cash Out Refi on the other 2 properties?
Thank You for your time and advice,
Rob