Line of Credit Question

2 Replies

Hey everyone. I just purchased my first property and it appraised for 14k more than what I bought it for and I also have 10-15k in my primary residence. I am excited and motivated to get a few more before the year ends. I would like to pull some of that out for my next down payment but the local bank that my loan is through told me I need to wait 4-6 months. So my questions are:

1) What options do I have besides wait? Can I go to another local bank and open a line of credit with them? Would hard money be a option? More to follow if yes.

2) I also have about 10-15k in my primary residence. Could I combine the two to open up more available cash?

3) Should I just wait the 4-6 months to become more knowledgeable as an investor and property manager?

Most banks require at least 6 months seasoning in order to pull out cash based on appraised versus purchase price. Hard money is always an option if you can find a lender that will take that second position. Considering the sums of money you are talking about are so small I would let everything season and then see where I was at. 

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