2 Deal B/H Investor in Need of some guidance

[Michael S.]

I have 1 rental filled with a tenant. the house was fully paid off but i have a 40K HELOC on it. Just finished my 2nd deal which was a BRRRR kinda deal. bought it for 80k, ARV is 130, putting 15k in repairs. To purchase the property i used a 1 year ARM loan. I'm wanting to get a 30 year Conventional loan and see if i can pull out as much equity as I can to fund other B/H deals. Also, I'm living in a home with some equity. i owe 75k with a 30 year Mortgage. payment is 550 month. its ARV is 150k.

      My main thing is, I need either guidance or assurance that what i am doing is good. Or could it be better? How would you proceed from here? I apologize if i left any details out. Thanks BP!

[Jaysen Medhurst]

Hi @Michael S.. You're on the right track, I think. How much is the paid-off house worth? Can you refi to pay off the HELOC and pull out some cash?

Seems to me you can pull:
~$9k from your recent BRRRR
~$45k from your home (would raise your mortgage to ~$600/month)

That's enough for the DP on another deal, even without a refi on the 1st place.

As long as your rental properties can still cashflow while being smart about all of the expenses, I say pull the equity and get another rental. Get that money working for you.