Getting equity with an already low interest rate
Hello:
I have closed on a multi-family in San Diego CA in June of 2019.
I got a great deal on the property about $50k below market value.
We used a private money loan at 2.74% (intra-family loan)
We renovated the 3br. Live in the 2br and need to do some more reno to make the studio something I'd be comfortable renting out.
According to comps and our real estate agent, we have a minimum of $100k (def. more just being conservative) in equity and want to use that to really finish the studio the way we want (for Airbnb) and look to invest in another property.
The issues we're bumping into is a cashout refi hasn't worked because lenders haven't been able to even get close to our interest rate (understandable) but also there are very few lenders willing to lend in the second position to an outside loan...
That's the short story If anyone has any ideas we're all ears
Thanks