Investor · Chandler, AZ · Member since 2012 · 69 posts · 55 votes
I have a rental property with a great Sect 8 tenant here in Phoenix, but I need my cash out of the property for liquidity. I love the ladies that live there as they take better care of my property than I do my own house and hate to sell it out from under them. I already rehabbed it a couple of years ago, so it has been very low maintenance.
Any advice or insight would be much appreciated as to how I should proceed?
Rental Property Investor · Loveland, CO · Member since 2014 · 77 posts · 15 votes
10y
You don't say how long you have owned the property, but the market in Chandler is very hot and property values are way up. How about refinancing to take out cash, or an equity line of credit?
First Bank offers HELOCs on investment properties. I've used them for two HELOCs and two purchases. Their portfolio lenders so they carry the note, very investor friendly.
I'm in the same position, great tenants, but I need to cash out to use the equity for the next level of investing. I've thought about selling to another "friendly investor" however the issue is that SFH are worth more now as owner occupied purchases than they are as rentals. The returns aren't there in my opinion.
I'm going to do right by my current tenants I just don't know how yet.