Best way to Cash Out equity on conventionally mortgaged rentals??
Hi All
Backstory. I have 2 rentals. Both were mine and my husband's primary homes prior to marriage. We kept them and rented them out. Both have about $100k notes on them. Comps are currently selling for $220-225k. 30 yr mortgages at 4.25 & 5% interest. They are in our names. Not an LLC. That is a lot of equity sitting there that I don't know how to pull out without complications. Both cashflow at about $2-300 each. If I cash out refi - I lose our conventional mortgages and low interest rates. If I try for a HELOC and the bank requires documentation they will know that they are no longer our primary residences.... I can't even convert them to an llc without having to pay both sides of our transfer tax here in PA. I don't have a deal yet but I am actively looking for another rental or small multi-family and need cash to be ready to act.
Ideas???