Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
Followed Discussions Followed Categories Followed People Followed Locations
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 2 years ago on . Most recent reply

User Stats

143
Posts
143
Votes
Jamie O'Connell
#3 General Landlording & Rental Properties Contributor
  • Rental Property Investor
  • Elmira NY
143
Votes |
143
Posts

Cash Out on 90-100k property

Jamie O'Connell
#3 General Landlording & Rental Properties Contributor
  • Rental Property Investor
  • Elmira NY
Posted

I own a property that I bought for $55,000 in cash and put another $25,000 into fixing up. I believe it will appraise between $90,000 - $100,000. I bought it outright and don't owe any money on it. I would like to get as much of that cash out as possible to recoup what I have put in to it. It is owned in an LLC and I have a high credit score.

Looking for any suggestions on how I should get the money out. Some say LOC, or cash out refi but the under 100k appraisal possability is one road block. High fees for DSCR Loans and such is another possible road block. Have owned for almost 4 months for possible seasoning issues.

Any thoughts or contacts would be greatly appreciated! 

  • Jamie O'Connell
  • Most Popular Reply

    User Stats

    2,398
    Posts
    1,379
    Votes
    Jason Wray
    • Banker
    • Nationwide
    1,379
    Votes |
    2,398
    Posts
    Jason Wray
    • Banker
    • Nationwide
    Replied

    Jamie,

    You own it No mortgage so you cna take out 80% LTV and you can avoid DSCR is you use Portfolio/Delayed Financing. This option requires to look at income, W2, paystubs etc but you also have DSCR as a fail safe if you are self employed and do not show positive income.

    DSCR is for those who do not show any or enough income so that the bank only looks at the rents to qualify.

  • Jason Wray
  • [email protected]
  • 727-637-4289
  • Loading replies...