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Updated about 2 years ago,
New to BP and Needing Advice
Hello everyone. Needing some advice on the smartest way to use funds available to me to build my portfolio with Multi Family properties. I am fairly new at Real Estate investing and a little late in the game at 61. However, I have 3 rental properties (Single Family Homes) that are paid off. I want to be in a position to retire from my business if I choose in 5 years with the cashflow generated from the Multi Family properties I purchase. I have a HELOC on one of my rental properties ( 0 balance, so I have the full amount to use) Also, on the other 2 properties I can do a Cashout Refi or HELOC that can produce aprox. 160k between the both. I realize I need to get on the hop pretty quickly to reach my goal. I can use some help on what the best way to start utilizing my funds and build my portfolio?
Should I only use the Heloc in place to buy a property cash or finance with a down payment and use the brrrr method to purchase more? Should I use in addition to my Heloc a Cash Out Refi on the other 2 properties?
Thank You for your time and advice,
Rob