Cashing Out Free & Clear Properties
My dad has two properties in Louisiana that he acquired years ago in his early thirties which are both free and clear. Both of the properties are rented out currently (home #1 on month to month for $400/month & home #2 on year lease for $550/month). My dad is older now and wants to be done being a landlord & being called upon to fix minor problems here and there, though he does still love the cash flow they bring every month. Each of the homes are older & would certainly need a lot of work, but I was wondering if there was any possibility of me working with a lender to pull funds out of the two properties as-is and then using those funds to toward acquiring another investment property? I believe the current value for each of the properties is under $100k (home #1: $50k/home #2: $70k). Has anybody dealt with a situation like this before?