How to get my 3rd Property?!

[Casey Kooiman]

Hi! I currently have two properties (and mortgages) - a duplex that must remain "owner occupy". 30 year fixed. Then I have a condo which is also a 30 year fixed. I am ready for my next property though - most likely a duplex. I'm not really sure how to come up with the 20-25% down needed though. Are there different ways to leverage the equity on those properties? Is it a good idea? Are there other avenues I should explore? Any advice is appreciated, as I want to get to that next step!

[Derek Woods]

There are multiple ways to go about getting the down payment together. You could pull a LOC on either of your current properties or both. That all depends on how much equity you have in the properties. If your not against high risk theirs always using a 0% credit card. Pull cash against a paid for vehicle, be sure and remember you'll have to full coverage insurance with that. SELLER financing would be the best way in my opinion, as their would not be anything reported to the credit bureaus. If you financing the DP be sure and figure in that expense to confirm you can still cash flow.