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Updated over 6 years ago on . Most recent reply

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Danny Brown
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What’s my next move?

Danny Brown
Posted

Hi All,

I’ve been lurking for a while and am in need of some advice on what my next financing move should be.  I’m 33, married, no kids and own 2 rental properties in NE Florida (both currently STRs):

Property 1 is a 2br condo.  Approximate value is $150k and I have a $60k mortgage on it (30yr fixed at 3.75%).  I net about $1100/month after expenses.

Property 2 is a 1br condo.  Approximate value is $120k with no mortgage.  I net about $1300/month after expenses.

No equity in our SFH residence and about $10k cash that we could invest comfortably. So what are my best options for financing another investment property? HELOC on either one? Cash out refinance on Property 2? If I do either of these, will it be difficult (or impossible) to use these funds as a down payment on the next property?

Any other options I’m not thinking of?

Thanks!

Danny 

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