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Updated about 3 years ago on . Most recent reply

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8
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Jay Smith
1
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8
Posts

HELOC vs Cash Out Refi vs ? For down payment for STR

Jay Smith
Posted

Hello there BP family. I read, I watch and I learn a lot from the resources both on this platform and at meet ups. However, I need advice badly! I have a question about how to be creative with this situation. I want to purchase a turn key STR for sale already income producing at 18%. Using DSCR. My capital is low right now but I need $50k for my portion of down payment and have a few options to obtain the funds. First, I can pull out money from a primary residence on a HELOC (only small amount available $50k available), cash out refinance, or just wait until my flip sells ($80k profit won't be sold until end April) and use proceeds to do STR, or use both resourced so I will have additional money to maybe even buy a 2nd STR. Any advise or additional suggestions is greatly appreciated!!

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