Updated about 5 years ago on . Most recent reply
My Next Investment Property
New pro member here! My name is Kyle, I'm 27 and from Cape Girardeau MO. Growing up I've always been interested in Real Estate but never knew where to start or what to do to get started. I came across BP the beginning of this year and fell in love with all the knowledge they gave and have been studying and listening to podcasts everyday since.
So here's my housing situation, and would love to hear everyone's opinion. My year end GOAL is to purchase another rental investment, I've also been looking into the FHA 203k to purchase a 4 unit.
I purchased my home 4 years ago for 76k, I currently owe 56k on it. When I purchased my home I took out a HELOC worth 7,500. Today my home appraises for 100-105k. My question is.
1.) Do I pay off my remaining equity balance and take out another HELOC for down payment towards another property?
2.) Apply for a business loan, considering I own a LLC. Put that towards my remaining equity balance or down payment on property?
If anyone has any other options or recommendations I would love to hear them!
Thank you.