Need Finance Advice, Please!
This is my situation; I refinanced an investment property I own (duplex) in May of this year. I had some equity on this property and received money back at closing. I recently purchased another investment property in September (duplex) using some of the money from closing. Now I want to purchase yet another investment property with very little money down (my closing money has run low). Or should I try and get a construction loan and built an addition to one of my properties to gain another unit for income? Which would you recommend to do? And which type of loan would be easier to come by, a construction loan, home equity (although I don’t have much equity on ether property) or go to a bank and get a home loan for a new investment property?
Thank,
Frank
I would do the addition there is more room to work with a construction loan. But thats my opinion. One thing I would recommend is to watch all thode hits on your credit as it will eventually lower the score. Also since you are building up your area of the monoploy board you may want to look into getting one loan for all and build up your business credit as well. It sounds like you are definitely on the right track.
Good Luck,
Kyle