Pulling the trigger in 2017

[Michael Abernathy]

I feel like I have spent an eternity reading, researching, listening to the BiggerPockets pod casts, etc...  In 2017 I would like to buy my next property and stop making excuses as to why I can't.

I would like to buy-and-hold.

I currently have a 2/2 1/2 town home in Virginia Beach.  I have $99,363 left on the mortgage with an interest rate of 3.375%.  My monthly payment including insurance and taxes is $695.  Similar properties are selling between $200K and $210K.  I rent the place out for $1,250/month with $125 management fee.  

I also have my primary home that I just built two years ago but would like to leave that out of the equation.

My question is about the best way to acquire the money to start investing.

Currently Navy Federal offers the following equity options:

Fixed-Rate Equity Loan

• 0.25% rate discount with automatic payments
• Closing cost credits
• Repayment term up to 20 years
• Borrow up to 100% of the property value

Interest-Only Fixed-Rate Equity Loan

• 0.25% rate discount with automatic payments
• Closing cost credits
• 20-year term
• Borrow up to 80% of the property value
• Fixed rate for the life of the loan

Home Equity Line of Credit

• 0.25% rate discount with automatic payments
• Closing cost credits
• Credit line remains open for 20 years
• Borrow up to 95% of the property value

Interest-Only Home Equity Line of Credit

• 0.25% rate discount with automatic payments
• Closing cost credits
• Credit line remains open for 20 years
• Borrow up to 80% of the property value

For all of you seasoned investors out there, what method would you go with and why?

Thanks,

Mike