Best Way To Pull Money Out Of Property

CA · Member since 2018 · 6 posts · 0 votes

Hey! So if I have a property, let's say the purchase price was $25,000 and it was bought with cash so fully owned. Then has appreciated to $100,000 now, what are my options to pull cash on this.

The reason for pulling the money out is for other ventures/investments. But the last thing I want to do is sell because the tenants are family members. Maybe some sort of fixed HELOC? and use the rent it is pulling to cover those monthly payments.

Wondering if there are any other options out there I am blanking on...

Any help is appreciated!

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Brian Garrett
Real Estate Investor · Palm Beach County, FL · Member since 2017 · 3k+ posts · 2k+ votes
8y
HELOC or Cash-Out Refinance would be the two most common ways to access that equity.
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George DespotopoulosBusiness Member
Lender · New York, NY · Member since 2016 · 936 posts · 287 votes
8y
@Jon E. Like Brian mentioned, a HELOC or Cash-out refi. Where to go for that depends on your creditworthiness and other factors (personal income/DTI), how you own the property (is it in your personal name or an LLC), when did you purchase it--less than 6 months ago? more? etc..
You can try to go conventional, to a community bank/portfolio lender, or to a non-bank lender for the above.
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