All Forum Posts by: Sarah Grise

Thanks for responding, Arlan. Technically the two properties are not paid off, but i guess its how you look at it. We more or less paid cash for the properties but still owe the bank. One thing i forgot to mention is that we already have a mortgage for the house my husband and I live in. Having said that, I didnt think second mortgages were possible anymore  

Hi all! 

So....my husband and I own two rental properties, both of which we were able to purchase with a home equity line. We've owned one for 15 months and the other one for 4 months. Both of which have (very good) tenants. 

We really, REALLY want to buy a third property ASAP but are at a dead end financially. We are paying down the line, with payments higher than what is required monthly, but the only way to obtain the third property that we see is to wait it out til we pay off more of our line (meaning it may be another 2-3 yrs before we can get another property).

Any suggestions out there? Many thanks!