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Updated about 4 years ago on . Most recent reply

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J Pavao
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10
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Heloc vs cash out refinance

J Pavao
Posted

Hey guys,

Here's the situation. I'm ready to make moves 2021. I've owned a 3 family for about 6 years now. I have 200k equity in it. I did a live in flip on a single which is closing in a few weeks. My offer on another 3 family got accepted and I will be using the money from the single to do a 3.5% fha loan on the three fam.

The next step is what becomes overwhelming.. in a good way. I have lots of options.

1. Heloc and use this equity to buy 2 more 3/4 families

2. Cash out refinance and buy 2 more 3/4 families

3. Sell my first three family 1031 exchange and use this to buy two more three fams... I could then actually do 1. Or 2. And buy another 2 more!

Looking for some guidance here as I'm at a crucial step. One thing to add is that my three family I've owned is in a very good area of the city, great tenants, in good shape, and I truly see will just keep going up. I'm more contemplating between 1 and 2 but see 3 as an option.

My over all goal is live rent free, have atleast $2600 monthly income from rentals and begin selling real estate as a licensed sale person. I've worked construction my entire life.. my goal is of course financial freedom or atleast the ability to comfortably transfer into real estate sales

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