Leveraging existing properties to finance new purchase

New Member Introductions
10yFollow

Leveraging existing properties to finance new purchase

Account Closed
Investor · Charlotte, NC · Member since 2016 · 13 posts · 2 votes

Hi everyone, my name is Ted Stefanski. I am a new member and a fairly inexperienced RE investor. My wife and I are interested in growing our portfolio but need help financing the next purchase. We would like to leverage an existing property to help make this happen but simply aren't experienced enough.  Any feedback would be greatly appreciated. Wishing you all much success.

1Reply
18 views

4 Replies

Jump to latestLatest
  • Abel CurielBusiness Member
    Real Estate Agent · Queens, NY · Member since 2016 · 2k+ posts · 1k+ votes
    10y

    Hello Ted,

    Welcome to BP! 

    I think its a great idea to use equity on an existing property to help with the financing for another property.

    I would check with a few lenders in your area to see who has the most favorable rates and terms to align with your goals. Some lenders require you to put at least 25% down on your investment property and they might not lend on a distressed property. In addition to that, your current expenses would increase because of the refinance/HELOC which you want to make sure you account for.

    Best of luck to you!

    -Abel

    REbuild Team - eXp Realty5234 Reviews
    WebsiteView Page
    0Reply
  • Dave VisayaPro Member
    Moderator
    Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
    10y

    Hey @Account Closed, welcome to the site! Feel free to jump in the community here and also take advantage of the treasure of knowledge here.

    BiggerPockets
    0Reply
  • Brent Coombs
    Investor · Cleveland, OH · Member since 2015 · 6k+ posts · 2k+ votes
    10y

    @Account Closed, yep. First step is: ask some Lenders. After all, approving leverage is what they do!

    Get comparative quotes (should be no charge), and take notes. Welcome to BP. All the best...

    0Reply
  • Account Closed
    OP
    Investor · Charlotte, NC · Member since 2016 · 13 posts · 2 votes
    10y

    Thank you Abel, Dave and Brent. I appreciate it. Have a great day!

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free