Updated almost 4 years ago on . Most recent reply
Cash Out Refinance / HELOC Property Under 100K. Is it Possible?
Good Day All. Here's the summary
- Purchase 1st Investment property, a SFH in Middle Georgia for $53K cash in December 2021 under a LLC
- Section 8 tenant paying $550/mth
- Per Redfin, property now valued $75K
- There is an opportunity to buy 4 duplexes by Robins Air Force Base but cash is tied up in SFH
- Low priority but related -- would like to install new HVAC system (quoted $4K) and possibly remove some trees from the 1/4 acre lot of the SFH (average $1K per tree...go figure)
I've been told several times that banks don't like touching anything less than $100K because it's not worth their time. Additionally, I've contacted a few banks/credit unions in the middle Georgia area and they basically let me know that they can't work with me because I live out of state.
Any advice on how to get conventional loan on the property? I'd love to cash out and capitalize on other opportunities + address the items in the aforementioned 'Low priority' section.