Borrowing against property.

[Burt Gourley]

Hello everyone, 

     I am fairly new to real estate investing. I am a RN by profession and acquired my first house last March in the Taylor Ranch , Albuquerque NM .

I acquired the home well under value and paid cash with repairs/remodel all in at $130,000.The home market value was around $180,000 at the time. I am currently renting the home out for $1250.00 a month , I did all the repairs and remodeling myself prior to renting.  

Shortly after I used some funds I scraped together between me and some family members and purchased a total rehab project in Roswell for $25,000, all in now at $69,000 ( market value is around (129k-134k). Renting at $925.00 month . 90% of the remodeling I did myself .

My question is this :  I really want to purchase some more property in the NW area of ABQ , this is where my first home is ; What is the best way to leverage a home to purchase a property. I am going to search for articleS on here but if there is someone local - or anyone that can give me some advice regarding options I could use moving forward to invest into another property. I have spent just about everything I have getting these two properties going.  Really just looking for direction towards acquiring another SF property. 

[Brandy Thompson]

Hello!! You may want to get with a lender and see about refinancing your properties and taking some cash out, since you should have some good equity. 

You can also look into getting an investment loan, using your rentals as income, in addition to your job. Assuming you want to keep both properties and not sell, you can look into private money or hard money loans, though it may not be the best idea if you're looking to pick up another rental property. It's better suited to short term in most cases, because it's more expensive than a "traditional" loan. There's lots of good resources here in Bigger Pockets, and we also have some great investor meetings here in Albuquerque that you can learn a lot from!! Good luck and feel free to reach out if you have any more questions.