@Rafael Trinidad I’m pretty new to this but I just tried and was told with everything going on that most lenders won’t do it against an investment property and it’s tough on a primary residence as well. I tried it on both of mine (rental is owned free and clear even) and primary has about $80k in equity and still got denied.
Hi, I am new too. But I will tell you what I am doing.
I used a Cash Out Refinance.It allows you to pull up to 80% equity (100% for VA loans) based on the a new appraisal of your house.
For me it was good, due to me dropping from a 3.75% to a 2.65% interest rate. Rates are extremely low right now. I am pulling $31,000 of equity out of my house. But, for me, I will have to pay closing costs for the new loan. I am not sure if all lenders require that for a cash out.
Additionally, you can do a HELOC (Home Equity Line of Credit). For me this was not the best option, since I would be stuck with the 3.75% interest on my original loan. But the good thing about the HELOC is it is revolving. You can continually use/pay it for a set period. Then at the end of that period you pay it or renegotiate terms.
Go to your local credit union and tell them your plan.
If you are still in the Clarksville area, I went through Fortera Credit Union on post. They have other locations in Clarksville. This was for my primary residence. They are extremely slow, due to everyone working from home. But they gave me a decent rate.
I am going Monday to United Southern Bank in Hopkinsville tomorrow to get prequalified for an investment loan. I will ask them if they can refinance investment loans. I am pretty sure they do at least 6 months after closing the original loan. More to follow.....
Correct me if any of this is wrong...value is $250k, equity is $39k, mortgage is $211k. Cash out refinance will most likely be 75% LTV meaning they'll only give you a note for $187.5k. I don't know how you could do it.
Currently have 30 k cash raise my limit on Home Depot to 18k have several wholesalers in the area that send me list of property daily in my market
Looking to brrrr my second while doing some of-the repairs my self and several handy man that work in the industry it seems every one talks about having a system in place I guess i have to create my own thanks again for your info