Some background:
Cash Reserves = $0
Some #'s…
Property1:
FMV - $160k
LA - $83k
Approx Equity - 77k
Net Cashflow - $300/mo.
Property2:
FMV - $160k
LA - $122k
Approx Equity - $38k
Net Cashflow - $149/mo.
HELOCS on both properties… $49k and $12k
How would you proceed from here? I would like to keep both properties, but am open to all suggestions.
Should I borrow from HELOC or from Private Lenders to move into more properties? Should I sell both properties to get liquid again and start over? (Take the tax hit???) I’m stuck… (LOL) Need advice…
If it cost’s me a total of say $10k to acquire another property, fix up, and rent… how could I use OPM to do this? Sorry if this is sounding redundant, I’m just looking for every possible option / course of action to take in order to keep acquiring properties…
Ideal technique would obviously be to buy Subj To and then rent… Don’t really want to do Lease Option because I want to buy and hold and then pay off… MY GOAL IS TO GET 10 FREE AND CLEAR…
The ideal system, would be to put $ into a property, and then find a way to get that money back out of the property to go and get another deal. (Recycle) …
Given this info, what would you do? :help What are your suggestions on my next move? :help