What strategy to use for second deal
Hi all,
I'm starting the process of looking for my next deal just not 100% sure what method to use. I'm interested in hearing how other investors purchased their second property. I am throwing a few ideas around and want to narrow it down to 1-2, then pursue a great deal with that strategy in mind.
Current situation: House hacking a duplex since Sept 2017- FHA financing 3.5% down @ 3.65% 30 year fixed. After PITI I pay about $50 a month not including utilities.
Possible ideas:
- Refi into conventional pull out the little equity I have and use it as a downpayment in addition to savings for something else. Realistically could only pull out 10-15k.
- Work with a hard money lender to have them finance 80% of deal and 100% of flip- use the extra profits as a downpayment on another property.
- Save enough for a downpayment and use the BRRRR strategy.
Open to all ideas/methods that have worked for other people from the standpoint of financing/acquiring your next investment property.
