How to draw out equity from primary residence???
Hello,
I am currently living in a house while renovating it top to bottom in order to force appreciation so that I can either; a) sell the house and buy an investment property or, b) force appreciation and draw out equity as a loan in order to finance a rental property.
I am curious what the best route would be to take as I would need to purchase two properties if I sell the house, but only one if I draw out equity. What is the process i would have to take for plan "b"? do I call the city to get the house reassessed? or do I call my bank to come look at it (when it is done), and is the equity loan equal to the difference in what the house has been appraised by the city before and after or the difference between what i owe on my mortgage and the re-appraisal?
Thanks for any help on this matter.
Adam