How to get your initial investment out of a rental property?

[Brandon Nappi]

So, I have a majority of my money tied up in my investment property (single family home).

The remaining loan is approx $70k, reno was $40k, and value is now around $150k.

I would like to pull out some of the equity for another down payment / reno costs on a new investment property.

Any suggestions? HELOC? home equity loan? something else I don't know about?

p.s.  I cannot do a cash-out refi because I have only owned the property for two months  (at least that is what one Lender has told me)

Any war stories or proven methods would be greatly appreciated!!!  Thanks!!

[Albert Bui]

to cash out if you acquired the property with financing you'll need 6 months like @Brie Schmidt  mentioned unless you find a local portfolio lender they may be able to offer you business portfolio type financing.

With conventional financing under twelve months you can only use the lower of acquisition cost or market value so if you want to cash out using market value I would either wait for full twelve or cash out after 6 using a no cost rate (higher rate) in anticipation of a final cash out after 12.

Portfolio financing is local so I'd call around to local and region able banks or credit unions.