How to take the equity out of an investment property

[Sang Ji]

Hello there,

I have a quick question about how to get the equity out of my investment property.

I have a single family house that I’ve been renting longterm in Atlanta, Georgia.

Bought it at $180K and paid off about $50K so far and the house price went up to $330K. Hence I believe the equity in that house is about $200K ($50K paid off principal + $150k of price increase).

I would like to take out about $100K of equity to buy an investment property in Texas.

How can I do that? Or what’s the best way?

Thank you!!

[Matthew Irish-Jones]

Quote from @Sang Ji:

Hello there,

I have a quick question about how to get the equity out of my investment property.

I have a single family house that I’ve been renting longterm in Atlanta, Georgia.

Bought it at $180K and paid off about $50K so far and the house price went up to $330K. Hence I believe the equity in that house is about $200K ($50K paid off principal + $150k of price increase).

I would like to take out about $100K of equity to buy an investment property in Texas.

How can I do that? Or what’s the best way?

Thank you!!

 Its pretty simple, call the bank and tell them you want to refinance your property.  That is about it.