Updated almost 7 years ago on . Most recent reply
Pulling Equity from property
I have a rental that is free and clear. Which I have had it for 2 years recently moved out and put a renter in. Now that I’m receiving cash flow from it would it be smart to get a equIty loan or equity lIne to buy another property. Can you even pull out equity on a home you are renting out?
Most Popular Reply
Although it's more difficult, HELOC's can be obtained on an investment property. Also, I personally prefer to refi a property so I can have my funds back. This allows me to use that money to continue to invest in more rentals and refi again (Buy, Rehab, Rent, Refinance, Repeat... BRRRR). Also, you get better rates on a refi over the long term.