Investment property refinance

[Danny Banda]

I have one investment property looking at taking equity out. Currently have $150,000 equity built up. I have done spoke to some vendors offering 75% LTV offering 100k in getting cash out. My goal is to buy a second investment property. I'm stuck in the next step do people normally take that 100k use it for a down deposit for the next property but than that means, a separate mortgage will be needed to complete that or just try to find a property near what getting out of my property which is 100k

[Mark Munson]

Danny, if the property is in Charlotte, it may qualify for an 80% LTV cash-out refinance, assuming the DSCR works. Everyone's real estate goals and strategy is different, but assuming you are accessing the money to scale your portfolio, then I'd use a portion of the proceeds as a down payment on the next purchase. That way you aren't locking up all your liquidity in one asset and you can buy more properties by leveraging the $100k. Happy to connect and help if I can (I'm a vendor at the Charlotte REIA, mortgage company). Good luck!