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Updated almost 4 years ago,
Financing My Second Rental Property
Hi all,
First time poster, long time reader. I'm interested in purchasing a second rental property, and looking for input/advice on how to finance it. Here's my situation...
I currently own a single family rental property free & clear with a FMV of approx $115K (zestimate). The property cashflows $1,025/month after insurance and distributed property taxes. I'm looking at purchasing another comparable single family for $90k-$100k. Additionally, I own a home with a FMV of approx $325k (zestimate) with a mortgage of $170K at 3.170 APR.
I've just started to research and compare cash-out Refi's, HELOCs, Home Equity Loans. Ideally, I'd like to leverage the equity in the free & clear rental to purchase the second property. My initial research says that may be difficult as it's deeded to my LLC, and it may be easier/advantageous to instead leverage the equity in my personal home instead.
Any insight would be GREATLY appreciated! Thanks everyone.