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Updated almost 10 years ago,
Just closed on my 5th property What now?
Hi all
I am looking for advice and ideas on how to proced forward. I am a buy an hold/ buy fix and hold investor. I just 1031 exchanged out of a property that was just breaking even into to duplex tennants in place and cashflowing but getting the new loan was a nightmare.I need ideas and advice on how and which direction I should go for my next deal. So here how my situation looks.
money in the bank $30k
Primary owe $300k worth $400k-$420k finaced with a VA loan no funding fee required
SFR Rental 1 Owe $85k worth $150k to $170k Cash flows $250/m rents are $`150 below market but need $10k in work to justify rent increase/sales price
SFR Rental 2 owe $75k worth $110k-$115 Cash flows $300/month
Quad plex own out right worth $90k high vacancy rate including Vaccancy cashflows $800-$900/m would be on market 6 month if I wanted to sell
New Duplex Purchased/Worth $210k owe $156 should cashflow $200/m with 10%vaccancy
No lender wants to even talk to me about cash out on my investment properties but I could pull equity out of my primary. I should be able to put $85k -$90k in mypocket i figure i need to make atleast $300/month (the increas in payment) on that money to justify pulling it out I don't think that would be too hard. I could also refi with a investment loan and use my VA loan to purchase a new property in my area. Also i have thought about selling SFR Rental 1 doing a 1031 exchange pobably have $65k for the next property. I live in ventura county ca i can't find SFRs that cashflow i think the market might be primed for a small pull back in prices 10% maybe SFR1 and the duplex are in the Inland Empire of CA again no or very little cashflow on SFRs 5%ish on multis and think it may have a little appreciation left before it levels off and SFR 2 is out of state in TN where tthings are appreciation slowly but stedily might have a few years of very modest appreciation. I would rather not go out of state for investments but would love to hear what you alll think.