how to get money out of my properties?

how to get money out of my properties?

Member since 2019 · 23 posts · 3 votes

So I have a house got it for $380k, put about $120k down if I remember correctly. Now worth almost $800k according to zillow (if its accurate) but they don't even know all the work I completed(total rehab with top of the line stuff for myself to live in), may be more or less I don't know. 

Also got a multifamily for $75k almost paid off now on zillow the cost is not even listed I guess they assume its in **** condition like it was when I got it. 4 family 1 commercial space. Totally gutted and renovated, brand new. Got to be worth a lot more now. 

I need to pull out 150k-200k if possible. How do I do it? Home equity line of credit on the single family? Can I get the multi family appraised and take a loan on the appraisal amount? What are my options? Thanks for any advice you can give me or point me to where to find it. 

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Lender · Denver, CO · Member since 2017 · 348 posts · 143 votes
6y

Best deal I would say get a HELOC, if you cannot get that then I would say refinance the Multi-family property with the SFR refinance as the last option. Although you will get more cash out and a better rate on the SFR the process can take a lot longer and be tougher to qualify for.

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  • Realtor · Mililani, HI · Member since 2017 · 33 posts · 19 votes
    6y

    @Mirzet Mehovic congrats on your success in RE. For Heloc, you may be better off using your primary residence. Rates and terms are better and also you can get better LTV.

    I am not a lender so recommend speaking with a lender or bank. Good Luck

  • Lender · Denver, CO · Member since 2017 · 348 posts · 143 votes
    6y

    Best deal I would say get a HELOC, if you cannot get that then I would say refinance the Multi-family property with the SFR refinance as the last option. Although you will get more cash out and a better rate on the SFR the process can take a lot longer and be tougher to qualify for.

  • JD MartinBusiness Member
    Moderator
    Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
    6y

    If you still live in the first HELOC is going to be cheapest, quickest and most flexible route. If you don't live in it then you can just cash-out refinance either one.

    Skyline Properties
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