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Updated almost 7 years ago,
taking the next step after my first rental property
I've been following bigger pockets for quite sometime, but this is only my second post so please bare with me lol. I already have one rental property that was my primary residence since 2011 and I just rented out last year, and it's doing pretty good, I turned it over to a management company so I can comfortably keep my full-time job. When I bought it in 2011 it was purchased for $110,000 and it's worth something in the neighborhood of 160,000 today, and I still owe about 69,000 on the mortgage, so i have a good bit of equity. I managed to save up a little over $30,000 to go toward my next rental, my main question is what would be my best next step to facilitate that goal. I've looked into getting home-equity lines of credit and that seems pretty interesting, but not sure if it wouldn't be better to just use the 30k and get a mortgage and hang on to my equity for later usageI also looked into cash out refinancing. As you can probably tell I'm feeling kind of turned around so I can use any advice that anyone has to offer I will definitely be open to it, thank you.