Arlington VA Investment Options

[Krista Dodson]

Good morning.

We own a SFR property in the the very sought after Arlington, VA area, that we are currently renting with a $900 monthly cash flow, after CapEx holdback, P&I, T&I. We are self-managing with no issues. We have about $300K in Equity in this house, and the mortgage is on a 4% interest 30 year note with 26 years remaining.

We moved to Richmond, VA several years back, and are beginning our real estate investment journey into rental real estate in this market. We are specifically looking to BRRRR, refinancing all in. In finding cash to invest with here in Richmond, we are looking at several options:

1 - HELoC on the Arlington Rental Property - will be able to get approximately $200K-240K in buying power at 6.25-6.5% interest only payments.

2 - Sell property in Arlington - Cash out $300K, use this cash to purchase property down here in Richmond. 

Thoughts??

Any other strategies we haven't considered yet?