Options to finance a third property

Options To Finance A Third Property

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john | @john-chapman
john
Warren, New Jersey
1 Posts Total
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in Warren, New Jersey

Posted 1 Year Ago

1 Posts Total

Hello. I currently own a 2 family that I acquired in 2008. It’s rate is 3.5%, makes $600 a month on top of paying its mortgage (could be $1600 but it’s running smooth so why mess with it ?) and there’s around 225k equity in it. I also have my primary residence which has around 250k in equity. I currently have an open heloc on my primary that I used to fix the home up. We also have 500k in our 401k/IRA’s. We have regular jobs and combine around 270k annually. So what I would like to do is get one more property. Something in the 100k-150k range out in the poconos. I could potentially rent it out here and there but the primary reason is so I can take the family out there for weekends away. I would like to pull the trigger in 2 years because I have twin babies that are 6 months old and I figure 2 years should be enough time to get my ducks in a row. Just not sure which direction I should be looking to finance it. New heloc on primary ? Cash out refi on primary ? Cash out on rental ? Seems like I have options here just not sure which is best. Thanks for reading and any advice is welcome.

John

Bryan | @bryan-coleman
Bryan
Vero Beach, Florida
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in Vero Beach, Florida

Posted 1 Year Ago

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John,
Not sure if you'd be interested in a Private Money Loan for your acquisition. I will provide you our website here in the event you may have an interest.

Bryan Coleman / James Vicari
GreatDealsFunding.com
(800) 675-2215

Bryan
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