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Updated over 6 years ago on . Most recent reply

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George Love
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Best option to provide down payment on 4 plex.

George Love
Posted

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

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