I want to buy more property, but I'm cash poor and real estate rich. What can I do?
Sell some of your real-estate. Or if it's paid down/off take a line of credit out against it. However times are tough and I don't think banks are accepting for investment properties.
You have to give us more info for us to help.
How many properties do you own?
Do they have mortgages on them?
How much equity do you have?
Any other info you want to add?
You may have better luck collateralizing your existing property via owner financing or hard money lenders rather than a bank. Your still going to need to be in around 20% cash realistically to avoid a ton of legwork finding the rare lenders/owners who won't be looking for this minimal standard.
Assuming that real estate rich is referring to more than just a heavily appreciated primary residence you may consider selling a property or two to free up some cash.
What kind of property do you want to buy?? You could possibly sell off and 1031 into a larger property or you could cash out refi some of your equity.
You need to give us more info.
I have 4 properties which have mortgages. Two have equity and two don't.
I would live to hear more comments so that I can move forward with buying more homes.
I want to buy a duplex and venture into triplexes, and duplexes.
If you are planning on living in one of the multi-plex you can get a 5% conventional personal loan. The podcasts are an amazing source of information on creative deals. Personally we live below our means by living on just my husbands income and putting mine into investments.
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