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Updated over 6 years ago, 07/23/2018

User Stats

24
Posts
6
Votes
Spencer Harvey
  • Real Estate Agent
  • Milwaukee, WI
6
Votes |
24
Posts

HELOC , Home equity, or refinance advice

Spencer Harvey
  • Real Estate Agent
  • Milwaukee, WI
Posted

Hello,

I am looking for input on the best way to finance my next rental property. 

I currently own 2 rentals; one with 20% down ($45k) and the other with 25% down ($50k)...both properties have a conventional mortgage for the remaining value ($105k and $150k). My primary residence had a downpayment of $58k with a mortgage of 230k which is now down to around $215k.

I do not have any additional funds available in order to make a downpayment on another investment property, but I am looking to move forward and purchase more units as soon as possible. I researched HELOC, home equity loans, and cash out refinance, but I am fairly new to this and I'm not sure which option is best in my situation.

What do you recommend? Any input would be appreciated!

Spencer

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