I purchased a multi family property over a year ago a little north of the Tampa area and I was wondering if there is anyway I can check if I have equity in my house to take out another loan to buy another property. If so how do I do that? I am open to suggestions or any other alternatives to make money. I am currently unemployed I just graduated and I’m a military vet.
Real Estate Broker · Salt Lake City & Oklahoma City · Member since 2018 · 3k+ posts · 2k+ votes
4y
Hi @Kris Columna, the most important factors in determining whether or not you have equity are the Market Value and your current Principal Balance on your loan. IF the market value has increased substantially over the past year then you might have some equity you can tap into.
HOWEVER, with no current employment it is unlikely that a lender would give you this refinance and your most likely solution would be a hard money or private money 2nd mortgage. HOWEVER again . . . just because the money is there doesn't mean it should be tapped into. Unless you have a definite plan for the money that has a proven return, it would be a pretty high risk move to take out a 2nd mortgage of any sort to potentially do something with it.
So, if you've got a deal in your sights and you need some funds to take it down, you could look at a hard-money 2nd mortgage or you could look at bringing in a partner on the deal. Just don't make hard-to-reverse decisions based on what might be possible.
Investor · Tampa, FL · Member since 2016 · 679 posts · 288 votes
4y
Hello Kris Columna, You need to give more information...do you live in Tampa? Florida? Do you own a home to start with? Do you have a JOB? The easiest thing to do is to move into the house and make it your Homesteaded Residence. Study all you can about RE on BG and do a Search on Google for Creative Financing Real Estate etc. Then, watch all the youtube videos on that subject.