Updated over 9 years ago on . Most recent reply
Looking to refinance a rental property
I have a rental property, 3 bed 1.5 bath on 1/2 acre. I own this free and clear and am looking to pull out the equity. Anyone have any suggestions on whom to contact (Quicken, local bank, etc.)? Reason for the cash out is I recently just moved into a new primary residence and I want to pull out the funds from my rental to make some property improvements and upgrades. I am treating the new primary as an investment opportunity as I believe I can force appreciation of at least 250K with about 80K of investment. I have also considered just selling the rental outright to another investor to get the immediate cash out. I believe the rental is worth at least 100K as it was 100% remodeled in Q4 of 2015. It currently has a tenant on a 1 year lease, he is looking to extend into a multi year. I get 1100 per month and he has always paid on time and in cash.
advice?