is it possible to do a cash out refi on a $75k rental property

[Christina Venegas]

i thank you for taking the time to read this post , my question here is: is it possible to do a cash out refi on a $75k investment home. I purchased this home October of 2023 for 60K with 30% down payment and now is worth around $75k with tenant in it. or is there another way to take out the money from this home, i'm not looking to sell it

[Christina Venegas]

Quote from @Seth McGathey:

Yes your two main options are a cash out refi or a HELOC. Is the property paid off? If not, how much is still left on the loan? How much is the interest? If the interest is low, then you will likely want to do a HELOC to keep that interest rate. If it is high, then you can consider a cash out refi.

 hi. the property is not paid off, I have a mortgage on it . I purchased it for $60k with 30% down payment.  $ 41,500 remain on the loan with interest of 8%. I own the property almost 2 years