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Updated almost 9 years ago on . Most recent reply
How to finance second deal
Hi everyone, I am looking for a Lender in Los Angeles area to discuss options on how to go about financing a second deal. (No deal in works wanted to find out what limits were before started search) Refinery I have been working at for 11 years is being sold and I am unsure whether to cash out my 401k to Finance next deal, before new company takes over. Or just take part of it put to cover 20% down with rehab. Credit score is not greatest but last check it was at 710. Over last year have been really working on paying down debt from divorce. Average about $120,000 a year from job. First deal was a SFH in canyon lake area purchased for $195,000 with FHA loan, does not cash flow. Rent covers a little more than mortgage , taxes and insurance. Could rent for more but use as tax break. If anyone can refer me or have any suggestions would be well appreciated .
Thanks
Mike Kulusich