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Updated over 9 years ago on . Most recent reply

Walter Brennan's profile image
Walter Brennan's profile image
Walter Brennan
  • Wholesaler
  • from Jamison, Pennsylvania
  • Member since Apr 30, 2014
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Walter Brennan's profile image
Walter Brennan's profile image
Walter Brennan
  • Wholesaler
  • from Jamison, Pennsylvania
  • Member since Apr 30, 2014
Connect
Walter Brennan
  • Wholesaler
  • Jamison, PA
1
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3
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Private Lending & Conventional Mortgage Advice

Pulling out equity in a property

Walter Brennan
  • Wholesaler
  • Jamison, PA
Posted

I purchased a home for $42,000.00 and it currently is rented out for $800/mo by the same tenant for the past 6 years. I want to put a mortgage on the property for $65,000.00 to do some other business. The home currently appraises at $90,000. My credit right now is not good. Will a bank give me a mortgage for the property using the property as the only collateral? All knowledge/advise welcome. Thanks for the insight.

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