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Updated about 6 years ago on . Most recent reply

User Stats

15
Posts
1
Votes
Nathaniel Birdsong
  • Residential Real Estate Broker
  • Winston Salem, NC
1
Votes |
15
Posts

Finding some financing

Nathaniel Birdsong
  • Residential Real Estate Broker
  • Winston Salem, NC
Posted

Good afternoon! I have been visiting the site and researching for a while now and am just getting going with my investing. I recently bought 4 homes using a HELOC. 2 of the homes I am planning to flip (one will be ready for market next week) and two I am planning to hold.

The two flips will do well enough to pay off the HELOC so I get the rentals for free basically and leave a little bit left over. I'm pretty happy with the expected result so far.

The 2 rentals I am holding are the ones I need help with. One is fixed up and rented for $650 per month and is probably worth around $55k. The other is almost ready for rent, should rent at $550 per month, and is worth around $45k. I want to cash out the equity and use that for my next purchase instead of dipping into the HELOC again (or maybe to add to the HELOC so I can buy more). I am having trouble finding financing options since they are lower value properties. A lot of $75k loan limits and things like that.

Any advice on some good places to look? Did I go too low with these rentals to really apply the BRRRR method?

Thanks!

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