Updated over 5 years ago on . Most recent reply
Need advice on how to move forward after my first property.
A few months ago I purchased my first SF rental property with cash. After reading a few real estate books and stumbling across BP I now realize this may not have been the best strategy. The cash flow is good, obviously however the cash on cash ROI is about six percent. With that being said how should I move forward with this property? Here are my two main ideas. I am open to any advise you have and also interested in networking with others in eastern NC, specifically Wilmington.
A. Should I sell for a small profit and use the cash to make down payments on multiple properties?
B. Should I go with a HELOC and use it to make down payments on multiple properties?
Thank you for your time,
William Bowodin.
Most Popular Reply
Do a HELOC or put a conventional mortgage on the property. Is the property still profitable with a mortgage?