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Updated about 6 years ago,
Need third party objective advice on investment property refi.
I am located in SoCal and the income property is in LA county. My wife and I inherited a 2.5m (rough bpo's from the last 12 months) apartment building in 2011. Quickly paid off the mortgage of the building and have been upgrading it as tenants move out. Its pretty nice, close to Ventura Blvd, have great tenants that are very loyal and have no desire to sell it.
Here is my question to someone that can give me objective third party advice. I currently own a home in Ventura county. Roughly worth around 900k, owe 570k on it. Looking to buy a property in Branson MO for approx 750k. Our savings is sorta low at the moment due to paying all our debt except our current house mortgage.
Zero debt, use AmEx for everything which is then paid off every month. No car payments. Current Ventura house mortgage is approx 3700 a month. Current Income is 12k/mo.
I realize its just a shot in the dark here, but anyone have any ideas on how to borrow enough to cover the property in Branson Mo and keep the house in the short term? I plan on getting rid of the Ventura County house within the next 18 months, but cannot sell it at this time.
Edit:
Thanks for the quick response. Yes I was looking to pay cash for the MO property. But I am open to other suggestions.