Would Like An Opinion On My Situation!!!
I have 9 properties, 5 rentals I live in one and mom in an other, 2 lots, 2
pre-construction deals within 4-18 months , I have about 150k in equity, just got laid off,every things paying for itself right now, but I need money, im 30k in the hole, I have some ideas but, I would like some seasoned opinions, thank to all and regards Lry65
since you have many properties, I think you have many options to go to get $30k.
1) refinance any of your property to get cash out;
2) sell any of your rental property to your tenat(s) on owner financing terms or lease to own and sell your note.
3) sell any of the property you have.
We need more info...are you $30k in the hole because you are living with no income or did something happen to cost you 30k this one time only.
If this is a one time thing I would look into pulling out your equity either via a loan, owner financing, or sale outright.
If this is an ongoing thing I would work to buy more properties with as little money down as you can so that it will offset your 30k problem.
Can you leverage your current properties to aquire another? i.e. a rehab, or rentals that are cash positive enough to offset some of your shortfall?
YOu could also do a few Sub To deals or bird dog some properties for an investor in your area ...
Maybe if you fixed your current properties up you could raise the rents and increase not only property value but cash flow as well..
Thanks all for the advise, i see more options. Regards