Updated almost 7 years ago on . Most recent reply
2 Rental Properties What Next?
I have two rental properties and I'm at a standstill in my eyes. Any advice would be great.
December 2016 purchased first home with a VA loan in GA. Due to orders to CA I rented it out before ever getting to live in it. Price 212k tenants pay $1800, mortgage is $1450. After all expenses and misc cost its pretty much a wash. As of today the house has 50k in equity.
Established LLC in January 2019
February 2019 Purchased second house in Cash for 34k in my hometown in Detroit. I've transferred this home to the LLC. Currently tenant rents for $700. I could rent $800-850, for personal reason I accepted this.
My credit is 580 working to get it back to 620 it's just taking time. So I can't get a HELOC on property 1. Due to credit again I can't or dont know how to refinance property 2.
I recognize consumer credit as being a constant limitation so I've started establishing business credit. I'm 3 vendor accounts in with the goal ultimately to have an amount of credit available to make deals happen more frequently.
Guidance and feedback please and thank you.
available to my business so that I can asses good deals and capitalize immediately.