I am looking for some input on how to best access my rentals equity. Property 1 is a mill house that has an ARV of 30k. Property 2 is a double wide on land with an ARV of 85k. My issues are property 1 is a tax deed ( quick claim) and property 2 being a mobile not attached to the land is an issue that traditional lenders don't care for. I am located in SC. My goal is to free up some equity so I can purchase more property in 2018. I am a buy and hold investor looking to fund my retirement and both properties cash flow nicely. Thanks for any ideas.
Approach a local bank and offer both properties as additional collateral on an acquisition loan.
Try local community banks or credit unions. You'll want to find a bank that holds the loan themselves as opposed to selling it.
You could try a commercial loan approach where you are getting a loan based on the cash flow. Again, you'll need to go the local bank or credit union route as the loan amount would probably not be that big.
How Mach equity do you have in the properties?
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