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Updated over 6 years ago on . Most recent reply
Best option to provide down payment on 4 plex.
So I'm to the point I would like to purchase another 4plex investment property and I would like your thoughts on how I should provide the 100K down payment that is required to purchase the property.
Here are the properties I have that can provide the down payment:
-Another 4plex I own( I have 400K equity in the property. I owe 150K @ 3.875 amortized over 15 yrs)
-My houses. ( I have 250K equity in property. I owe 280K @ 3.875% amortized over 30 yrs.)
Here are the options I see:
- Cash out refinance the house. This is tough because I would loose the current good rate I have the property.
- Cash out refinance the 4 plex. Same negative con as above.
- Get a line of credit on my house and use it to make the down payment. (I'm leaning towards this option so I can keep the good interest rates on the properties).
Thanks for any thoughts. Am I missing anything here.
-George