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Updated almost 7 years ago on .

User Stats

118
Posts
14
Votes
Jeff Lee
  • Investor
  • Bossier City, LA
14
Votes |
118
Posts

Which route of funding if I want to use my 1st rental to fund 2nd

Jeff Lee
  • Investor
  • Bossier City, LA
Posted

I have 805 credit and one rental that is completely paid off at a value of ~$110,000 and is occupied.I would like to borrow against my rental to buy another house (as a rental) all cash.

I've contacted two companies and they've given me a 5.375%, 30 yr, on $75-85k borrowed.

Note: The two companies that I've contacted... ARE they giving a HELOC or something else? I'm new to this.