Rental Property Equity

3 Replies

I own a 2/2 rental property in Las Vegas. I purchased it for $42,000 cash but today comps list for $50,000 to $60,000. Is there any way I can access this equity to purchase another in the same building?

I applied for a loan at US Bank last year, but they told me the only reason they would not give me a loan is because the owner occupant ratio for this complex is only 10%, and it needed to be above 60% to be eligible for an equity loan. Does anyone know of any other lender who can provide equity loans for rental properties with low owner occupant ratios? Thanks!

Originally posted by @Justin Tanoue :

I own a 2/2 rental property in Las Vegas. I purchased it for $42,000 cash but today comps list for $50,000 to $60,000. Is there any way I can access this equity to purchase another in the same building?

I applied for a loan at US Bank last year, but they told me the only reason they would not give me a loan is because the owner occupant ratio for this complex is only 10%, and it needed to be above 60% to be eligible for an equity loan. Does anyone know of any other lender who can provide equity loans for rental properties with low owner occupant ratios? Thanks!

Try to get an equity line of credit.  Those are typically not subject to regular conventional lending guidelines.

@Justin Tanoue

 Financing condos in Las Vegas has become really hard especially in recent years. There are quite a few conditions. So far I have one source that is said to finance condos where most lenders won't. I have a contact person at Nevada State Bank. PM me and I will give it to you. 

Thank you everyone! I was able to get an equity line through my credit union and purchased 2 more condos for a total of 4. I'm working on my 5th right now. Thank you for helping me tap my equity!!!

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