First Deal!!! (Insert high five) financing strategy?

[Caitlin Faulk]

Hello BP members. I've been reading and learning from all of you for a while now, waiting for an opportunity in my area to jump on. While sitting on the sidelines as prices increased by double digit percentages this year, I decided to get my (financial) house in order, so when an opportunity came my way I was ready. I have paid off my mortgage and last week I negotiated my first investment property!!! Due to the nature of the sellers move, I have 8-10 weeks to organize and complete financing on my end. I’m fortunate enough to have a couple different financing options and am open to creative options as well. I’m hoping more experienced minds would give me their opinion on the best mortgage products/acquisition/strategy to implement for the down payment and mortgage  (heloc,refi,2nd home loan,primary). My current plan is to buy and hold (brrrr after 6 mos if needed). I’ve listed the basic info below. 

• Thank you for your guidance!

• Property Info
• FSBO
• NW Orange County, Florida
• SFH ‘96, 2,600ft, 4/2.5, pool, 2 barns, 2.5 acres
• PP-$350,000.00
• Minimal cosmetic repairs/cleanup $10k
• ARV- 520,000 (Zillow currently 510,00)
• PropTaxes- 4,800/yr
• Prop Ins- 3,000/yr
• Qualification info (for loan)
• Credit 740
• Primary residence value $550K (no mortgage)
• 20k cash (earmarked for property)