I currently own an investment property and I’m looking to use the equity to purchase a multi family unit. The rental I have now has an estimated value of $260K and I only owe $79k on it. It’s also being rented out for $1500 a month so I clear around $700 a month after the mortgage is paid. My question is what would be the best way to gain access to the equity so I can purchase another property to start building my portfolio. Thanks!
Posted by DaPrince3
3 Comments
HELOC is probably your easiest bet here – you can pull out cash without messing with your current mortgage and the rates aren’t terrible right now
@DaPrince3
Not sure what state you’re in.I am a MILWife ( Go Navy) I am a Realtor, I have a lender who SPECIALIZES in VA loans. He is based in Northern VA. Feel freedom to reach out to me
It would be by talking to a local lender and asking what the best loan product they have given your assets.