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Updated over 5 years ago,
Ideas to get funding for my 3rd property.
Hello everyone ,
I currently have 2 properties In the L.A. Area with some equity in them and I want to get ideas on how to get money to fund my 3rd one. 1st proterty (my Home ) has about 150k of equity. ThIs is a conveNtIonAl loan. In the 2nd home which I bought about over a year ago and its rented has about 100k of Equity and this one I went in with 20 percent , nO cash flow but It pays Itself. My current status is about 790 credit score and have my w2 job about 95k a year. I’m about 15k in debt (vehicle and medical bills). By next year I should be debt free with a goal of savIng between 10-15K. I want to take adavantage of the property value since there is some signs that the properties could be going down.
I have contacted some mortgage companies and if I do a regular refinance I’m looking at about 70k I can pull out from both homes combined. I won’t make my next move until probably next year but want to be ready In case the housES go Down . Ideally looking at the idea of getting into a multi unit (Need at least 130K) in the la area or possible venture to invest out of state (but that’s another BP post lol). I Want to take some rIsk but necessarily a lIne of credit lIne sItuatIon.
I added as many details but asK questIons If u need to.
Thank you for your time and I’m really looking forward for everyone’s help and Tips. I always read the amazing stories people post here and one day I want to be the person writing one.