Hey all,
I have some questions about potential strategies with a rental property that I own in Sumter, Sc.
I bought this property in 2012 as a primary residence, however its been a rental property since about 2015.
My question is, the property has a decent amount of equity, and I'd like to try and leverage that equity to potentially get another property ideally in the same neighborhood since I've had amazing luck renting to military members. I'm open to other strategies but ideally trying to understand how to leverage the equity in the property.
Current Loan Balance: 100,952
Interest rate: 3.75
Mortgage payment + insurance/taxes: $1066
Rent: $1500/month
Estimated current value: 227k
Current cashflow: $369/ month, I also have a first american home warranty on it $68/month so after everything I net about $300/ month.
Let's hear some potential creative strategies!
