Hey all need advice on which way to go on this. I have 3 STR's currently which account for all of my income besides some small projects I take on the side. I was a flipper and spec builder up until about a year ago when I decided to pivot to spend more time with my aging parents and my children.
So here's the scenario. One STR is a unit connected to my primary which I already have a Heloc on with about 50% out at any given time.
The other 2 properties were both purchased in January with 20% down DSCR loans. I forced equity in both. One has about $110k -$130k in equity (located in TN), dependent on appraisal. The other has well over $200k in equity bc this was a killer deal (located in FL).
I need to pull money out of one or the other of these to get cash for a DP and rehab on the next property. My hang up is the refi. I went into both thinking I'd BRRR but then of course interest rates skyrocketed. Even with investment loans on both I have interest rates of 4.5%.
Do I proceed with trying to find a DSCR lender to refi one or both knowing I will pay up to 3% higher interest rate? Both will still cash flow just not as well but if I don't continue to scale I'll be forced to take a flip or 2 a year to keep things moving and I really am done with that at this point.
Anyone have any other ideas? Maybe a portfolio loan of investment HELOC? This is uncharted territory for me so looking for advice from more seasoned investors.
