Advice needed please
Hello everyone,
We are on the verge of purchasing our 2nd rental property, and I'd love some of your perspective here.
A bit of our background:
We have app. 36 k in equity (according to the local credit union) in our principal residence in Bedford, TX.
We have app. 45 k in equity in our single family home investment property in Fort Worth, TX.
My wife and I have fantastic credit, and will be closing on a HELOC next week for $36,600 to use as a downpayment (15%) on this new property.
Our strategy is to find another solid single family home in a great school district (Keller, Birdville, etc.) that has long term potential to accommodate great quality renters, like we do now.
My question for everyone is, after I use the 36k for a downpayment, what do we do to raise capitol for our 3rd property? I've been told that it is really difficult to pull the equity out of an investment property, so that's why we went with the HELOC from our residence.
What would be your next move?
Thanks in advance for all of your help/insight!
JA