I own a 14 unit apartment that is fully occupied. The building was refinanced 5 years ago, so currently has a 40% loan-to-value ratio, using its appraised value. Do I pay it off and leverage the property to expand? Or can I keep current mortgage and still spin off the property to expand?
What are everyone's thoughts on how to expand?
Paying off sounds like it'd take a while.
Use proceeds to buy new assets?
Refinance the asset and get cash out?
@Kyle I Pancis you might receive more responses to this type of a question in the multi-family forum. I would be that a lot of people there would have an opinion on this. Keep this here just in case but maybe post this in that forum too. Just a thought. Thanks!