Hi all. I been in the realty game for about 7 years but still consider my self new to this game. I am looking to try and leverage any equity I have in any of my investment properties
I My first rental is a 2 family and was bought with a VA loan which for the last 5 years has been sitting at 3.25 for 30 year. I bought it for 385k and have a mortgage of 350k. Its been fully rented for the last 3 years. I have been told not to mess with the rate.
My second is a investment property which I bought 2 years ago was a single family with a FHA loan at 213k with 4.25 rate. I was able to convert into a 2 family legally. This has been fully rented for the last year. i tried to refinance prior to moving out as rates were dipping. I had an issue where they appraised the property low at 265k as a single family even though it was a 2 family. My prob was there was no comps anywhere in the neighborhood. There has been some 2 family in the area recently (almost like mine) that sold for 300k.
I am currently living in VA Beach, VA. I would like to leverage something in the range of 40k for my next investment. If I cant leverage cash should I try to lower the rate in the second investment?
Any thoughts
