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Updated 5 months ago,
Active Duty Military Investor In Need of Ideas
Hey everyone,
I converted my previous residence into a rental and have a VA loan locked in at 2.75% for 175,000. I'm renting it out while I'm stationed in CA and its been a success so far. I recently got preapproved for a HELOC at approximately 38,000 and the house is worth around 285,000. Cash flow is solid, tenants just signed on for a second year after I increased rent 100 a month.
I'm looking to use this as a platform for more investments but am having trouble figuring out how to finance other deals in the area. Normally I'd refinance but I can't let go of that interest rate (especially these days) or else I'd destroy my cashflow.
I've tried working the seller finance option, but without any success since none of the sellers seem to own their houses free and clear. I'm fine with combing the market for deals, just trying to find a way to legally secure financing without a due on sale clause raining on my parade. We could all be in the same boat?
Open to any advice whatsoever. Thanks in advance!