Pulling money out of an investment property
Just looking for some clarity on what I should expect when I decide to refinance my two rentals.
I have 2 rentals in Las Vegas. They are both currently rented out and on both units I have put 25% down. Las Vegas is expected to earn 7-8% in property value for 2018. What I would like to do is pull out my initial investment or close to it by the end of the year in form of dollar value. The first property I invested in 40k (162K was the purchase price) and the second property was 35k (140k was the purchase price). No the numbers are exact but they are close to it. The first property would probably appriciate for 10k more (172K) and the second would be about 5K more (145). By the end of the 2018 I'd like to know what I could assume I will be able to pull out of the properties after refinancing if they go up 7% in value.
From what I know you have to have at least 20% in equity into any investment property. Given the 5% extra I put into the down payment on both (bought down interest rates to increase monthy rent income for the first year) what should I expect to be able to pull out. I know the math seems simple (5% of inital payment plus 7% appreciated) but I'm new to all of this and I don't really know much about 'hidden fee's'.
I will only be pulling out the max dollar amount that leaves each property covering it's own monthly expenses.
Any thoughts or questions to get my closer to an estimated answer would be much appreciated.