What kind of financing to use to pull money out of second home?

3 Replies

I own a house that I am rehabbing that I am getting close to having ready to advertise for rent. There is no mortgage on the house. What kind of financing should I look into if i would like to pull some money out to cover purchase cost and improvements?

You should be able to use a conventional lender, and just do an investor cash out refi (I know you don't have a loan, but they still call it a refi). You will probably need to have owned it for 6 months, depending on your lender's requirements. I don't see a location in your bio. I have a great guy for this in San Antonio, if you happen to be around here.

@Charles M.

Always try your local community banks first. Depending on how you are holding title, it would be best to do a cash out refi in your personal name, then switch it to an LLC.

If you already bought in an LLC they may want you to do a commercial loan on it. Which means higher rates and shorter term