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Updated over 1 year ago,
Got my first STR property, need guidance for next one
Hello BiggerPockets community,
I bought my first STR property in January, rehabbed it, and now it's already in the market and generating income. I'm ready for the next one but I lack knowledge for the whole BRRR strategy. I was hoping you all could give me some guidance to get some money out of this property to use for the next one. Here are the facts:
I have a DSCR Loan for that STR property
I currently have an 8.925 % rate
I owe about $172.5K and the property is probably worth now $380K
STR was purchased in January
Given these facts, and with interest rates being so high, where and how can I get some money to proceed with the BRRR?
Also my primary residence has about 400K of equity.
Your help is greatly appreciated.