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Updated almost 4 years ago,
Financing options for equity
Hi all, long time listener first time poster. My parents passed away when I was young and while it was untimely, they did fairly well for themselves. I own my personal home outright and rent to cover costs. In 2019 I bought an investment property outright to generate cash flow. I have a few other sources of income including my own construction business, investments, etc. I have some cash on hand but would like to cash out of my properties to expand my portfolio. Big fan of the BRRR strategy however the cash flow from my investment property is whats keeping us afloat. Ideally I would flip 1-2 small properties and buy a 3rd to hold yearly. My question is what are the best options? I dont know any private lenders and starting with someone new always comes with cost/risk. Is cash out refi better than a home equity loan? Or a heloc? The balance between my time generating monthly income by working vs the income generated from the investment property being free and clear is where I feel stuck. Which do I sacrifice/rely on? Just talking to like minded people would help tremendously, any and all help is greatly appreciated!