Los Angeles, CA · Member since 2019 · 12 posts · 5 votes
Hey guys! I own a rental that I bought all-cash, worth about $55k that's currently rented. I would like to pull as much cash out as possible to put into a different project. The property is owned by my LLC. How would you recommend pulling cash out? Thank you..
I would consider a HELOC loan from a bank. If you don't qualify for that, then I would go with some type of private money financing. Your challenge will be the loan amount. If the value on the house is only $55K most lenders won't touch it. So, shop around a little.
I would consider a HELOC loan from a bank. If you don't qualify for that, then I would go with some type of private money financing. Your challenge will be the loan amount. If the value on the house is only $55K most lenders won't touch it. So, shop around a little.
I would consider a HELOC loan from a bank. If you don't qualify for that, then I would go with some type of private money financing. Your challenge will be the loan amount. If the value on the house is only $55K most lenders won't touch it. So, shop around a little.
@Argi Avetisyan as mentioned above the loan amount will be a big challenge for you. Lean on some other real estate investors in your area (or the area of the property). Try posting in that state forum. Bigger Pockets has some great state forums and usually there are good locals that monitor those. Also, try some local real estate meetup groups. Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. Even facebook might have some good local groups for you. But post locally for this. That’s the best bet.
@Argi Avetisyan as mentioned above the loan amount will be a big challenge for you. Lean on some other real estate investors in your area (or the area of the property). Try posting in that state forum. Bigger Pockets has some great state forums and usually there are good locals that monitor those. Also, try some local real estate meetup groups. Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. Even facebook might have some good local groups for you. But post locally for this. That’s the best bet.