Updated about 2 months ago on . Most recent reply

rookie here- I want to get cash out of newly purchased investment property
I just closed on my first investment property (single family home) 3 weeks ago. I put down the typical 20% ($48,000) but would like to see if there are any ways to get some of that back out as I'd like to purchase an additional property.
Here are the numbers
Purchase Price $240,000
20% (48,000) paid down
Current loan amount $190,000
Appraised value $250-$275K
Any suggestions on if I can, and if so, what's the best option?
Most Popular Reply

No shot, even if you went with an 80% LTV Cash Out on new appraised value, your rate will be much higher & closing costs are going to basically eat up all of your proceeds.
- Brandon Croucier
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