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Updated over 1 year ago, 08/01/2023
How to find the $$$ to Expand Portfolio
Hi,
I have a STR property which is doing well. I used a HELOC for the downpayment and the income right now is covering the HELOC monthly payback and mortgage which is a win/win. I want to continue my journey and start expanding my portfolio but having trouble wrapping my head around how people get the cash for downpayments on the next property. Since my HELOC is not available and cash in the bank is to support my living expenses, etc...unsure the technical everyone uses when expanding their portfolios (quickly) for downpayments and closing costs.
Any recommended resources on mindset or how to convince mortgage companies to accept the "rental math" to cover a deal?
Thanks!