ADVICE Please...... Got to be a way to get $ out
Good Evening BP community
I need to get as much insight and advice as possible by Friday , as I am set to talk to my Lender about What ( If any ) Cash Out and or HELOC options I may have , given my current situation
And that brings me to my current situation, and me wondering if I have any " Likely " options at all, to get some Immediate money from my Newly Purchased property.
A quick Rundown ..... I Purchased this property back in December of 2015
There is $40,000 of Equity in the property ( Based on what my Total All-In costs are vs what the house appraised for )
There is also a Renter in the Mother0In law " Separate from the main house " But still connected by Roof Line only. This Renter pays for my PITI on the property 100% .... I virtually have no Out of Pocket expense as the Rent money from the renter covers my PITI
( My Lender is also aware of the Renter, and looks at this as a plus to them Lending on the property as I was told )
I also do Home repairs and remodeling for a living, of which My Lender is aware of ( so hopefully this will be a benefit )
So my question(s) boil down to ...... Given that I purchased the house so recently , but yet it has $40,000 in Equity ..... Is there any way / thing(s) to ask my Lender what my Options are, regarding getting at minimum ..... $20,000 of the $40,000 , for the sole purpose of putting 20% down on 1 of 2 properties that I have been keeping an eye on , and thus buy either of these properties as an Investment property ( as a Rental )
There are 2 ( what look to be ) Great properties that just need some TLC .... Both look Distressed/abandoned/maybe even Foreclosed
Also not sure if going with a Portfolio Loan would give me the best chance of tapping into the Equity on my Primary ?
Maybe my Lender will bypass any type of Seasoning Period before I can tap into this Equity ( use it Now ) , given the fact that even if they Loan me $20,000 of the $40,000 .... They will still be at a LTV of 80% .... which " Covers " them
Also, my Lender knows and has seen the progress of me renovating the house that I just purchased, as well as knows my Background/Job of doing Renovation/Repairs for a Living for over 8 years now ( So I would think that this could only help me ) , in giving them relief in knowing that if they Loan to me for another Distressed property.... That I have the skills and time to renovate it and Increase the Value of it drastically , as I did on the Property that I just purchased/they Lent to me on
Anyways, just needing some advice and insight on what I can expect them to likely tell me when I call them this Friday, AND also if anyone knows of any creative financing or any ideas that I can look into, to give me the best chance of tapping into this $40,000 Equity .... Hoping to get $20,000
Thanks so much,
really appreciate it