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Updated about 8 years ago on . Most recent reply

User Stats

16
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1
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Vestonia V.
  • Smyrna, DE
1
Votes |
16
Posts

How To Pull Equity Out Of A Paid For Rental

Vestonia V.
  • Smyrna, DE
Posted

Hi Bigger pockets peeps,

I am a new investor who bought my second rental about a month ago all in cash.  I had planned to buy the house (bought for $35k and get $825 per month in rent) and pull all the cash out with a home equity loan.  The home is valued at  about $50k.  However, it is not my primary home and did not know that home equity loans require the home to be the owner's  primary residence.  The money I put into the home is most of the liquid assets I have and need to pull the equity out.  Could you all please educate me about ways that I can pull the equity out of a home that is all paid for.   Please HELP!

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