Home Equity Loan Advice
I bought my first 3 family investment property back in June 2013. I currently occupy one floor and rent out the other 2 units. Since then I have put in a substantial amount of work into the home. All new windows, new 2nd FL furnace, removed asbestos in the basement, complete renovation of the fist floor... the list goes on. I would say a good $40k of additional money into the home after purchasing it for back in June for $169k..
When I bought the house it was assessed at a value of $170k.
I bought the home through a conventional loan of 20% down. So $34,000 roughly down.
Since June I have only been paying down the interest to the bank, so I still owe $134,000 on the house last I checked.
My goal is to find another investment property in my area. My question is.... should I talk to the bank about taking out a line of credit/equity loan against my property? Is it to soon?