2 Deal B/H Investor in Need of some guidance
I have 1 rental filled with a tenant. the house was fully paid off but i have a 40K HELOC on it. Just finished my 2nd deal which was a BRRRR kinda deal. bought it for 80k, ARV is 130, putting 15k in repairs. To purchase the property i used a 1 year ARM loan. I'm wanting to get a 30 year Conventional loan and see if i can pull out as much equity as I can to fund other B/H deals. Also, I'm living in a home with some equity. i owe 75k with a 30 year Mortgage. payment is 550 month. its ARV is 150k.
My main thing is, I need either guidance or assurance that what i am doing is good. Or could it be better? How would you proceed from here? I apologize if i left any details out. Thanks BP!