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Updated about 3 years ago,

User Stats

6
Posts
2
Votes
Michele Perdue
2
Votes |
6
Posts

Need help, Not sure what to do, fairly new

Michele Perdue
Posted

I'm pretty new at this and trying to decide which path to take forward. Just bought a home with 1031 trade, owe nothing on it, it's worth about 340-350k. Will rent out for 2150 a month. Also under contract for another home. Paying 304k with DSCR loan (interest only, pmt is $1150) and down pmt from heloc (80k @ $800.00 a month). It will rent for 2300 a month. Should I just hold steady and put most of this money (from house 1) into savings to buy another or should I cash out on 1st house's equity, pay back heloc and use the rest to buy another property?

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