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Updated over 2 years ago,
New construction - $40K in equity - any financing advice?
I am in contract on two newly constructed townhomes, to be completed by the end of the year. My original plan was to 1031 into these properties to take advantage of the equity I've built, but the cash flow on my current rentals are actually really good and so now I'm not so sure this is a good plan.
Contract prices are $289 and $293K, with the more expensive one being an end unit. Current comps are between $330K - $340K based on recently sold townhomes in the same complex.
My goal would likely to be to do STR in one and long-term in the other OR STR one and flip the other. It is in a STR-friendly market.
Are there financing strategies here that I can use to fund these properties without having to sell my current ones?