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Updated over 9 years ago, 06/27/2015

User Stats

15
Posts
2
Votes
John Lupo
Pro Member
  • Investor
  • Hollywood, CA
2
Votes |
15
Posts

Property rich cash poor

John Lupo
Pro Member
  • Investor
  • Hollywood, CA
Posted

Good Evening everyone. isn't bigger pockets the best thing to come around  for newbie real estate investors almost feels like I am cheating,,, so many good people with good information.wish I would have found it sooner and now that I been here for about a month I don't feel so nervous and shy to ask questions. 

I am trying to figure what would be the most profitable way to utilize some equity I have acquired . I have an 11 unit apartment building located  in a rent control area on Los Angeles worth about 1.7 mil  we owe 200k at 3 percent to family member, and We have another property worth about 525 k there is a Heloc of 365 k, and on our primary residence we owe about 565 k and it's worth about 1.7 mil .

My question is which would be the best loan to pay off first. Or would it be wise to pull money out of the primary residence to pay off Heloc ? 

I have been working with one bank for 10 months  ( we have been members of this bank for over 25 years )  the underwriters are so slow I have given up on them I have a credit score of 740 but I guess being self employed is the problem.

What I am trying to do is get a down payment to purchase more property , or possible something more creative basically I feel I have some equity buy I just don't have the knowledge yet to  capitalize on the properties equity.

If anyone has any advice I would greatly appreciate it

  • John Lupo
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