Help with my scenario

[Bobby Valcin]

Hello all, I’m hoping someone might be able to help me figure the best course of action with my current scenario. I moved to Miami with my wife and daughter for a year in order to save money and purchase a duplex in Palm Beach County around this time. Our initial goal was to move back up here by purchasing a duplex, live in one side and rent out the other side (house hack) I have been in contact with a couple of guys that I know who are wholesalers, however, I’ve never felt like they’ve tried very hard to be honest (I could be wrong). We started looking at single family homes as a plan B and have now discovered that we’re coming up short by a few thousand dollars on a 200k home, with 5% down and paying closing costs. My wife and I both have credit score over 700. We are pre-approved for 200k with a mortgage broker. After doing some reflecting I realized that I may be backing out off plan A without exploring other options. I currently have a rental property with about 90k in equity. With that said, at this point I think I need two things to accomplish our goal of purchasing a duplex/multi family: 1) find some good wholesalers in the Palm Beach county area 2) figure out the best way to use the equity in the rental property to fund the purchase of a duplex, or even a really good deal on a single family house. (Traditional banks don’t seem very interested in doing HELOC’s). I’ve resorted to just looking on the MLS at this point. If anyone can help with 1 or 2 please let me know. Also, if you feel there are other things to consider that I may be missing, or an issue with my reasoning, please let me know and share your thoughts. We wanted to move before our new born arrives in early May, but that isn’t looking likely at this point.