Investment Homes Pitfalls Situation
I started a rental home business with 100k now its all gone and I have 3 rentals about to net me 1500/mo cash flow/mo. My personal house,the last house I buyng will wipe me out, and I need cash for back up if a renter suddenly leaves. ALSO, I have to purchase a precontruction home that will be ready in 5-6months. I will need at least 30,000.
Whats the best place to get the 30000 I need? One investment house is worth 185000 and i paid 160000, (only owe 128000), but only 6 weeks ago, can I extract equity? Another investment house has a great rate on a heloc of 4.125 balance 118000 worth 155000, I own this one for 3 years, the last investment house has a great 1st n 2nd but has 40000 equity traped!!
Or I can borrow 25000 to 100000 plus at zero or 4% from many credit cards, hurting my credit rating but giving me a cash back-up .If my biggest renter leaves my cash flow is down to 800, then i have to pay the 1000 mortgage so my cash flow is -200!! I AM UNSURE of this renter : its a lease option and I am buying a house to move into because of this weak lease option renter. He is selling his house with a slow close, and was supposed to start aug 1 renting from me,but no close so I put him off to move in 8/17, the day after I close on a good but pricey house, should I drop this deal on these expensive houses?
The morgage i get on the US pre contruction home may be from the builders lender UAMC will pay 4000 in closing costs or may be real strange---I probably will sell it right away...how do I do that?? www.fsbo.com? whats the best mortgage in ths situation? Thanks for all your help!
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