Bought dad a home now what?

[Jarrad Henry]

Hey guys, based in the SF Bay Area but investing in my hometown of Kansas City, MO, GO CHIEFS! 

I fulfilled a lifelong aspiration last year in purchasing my soon-to-be retired father a home which he loves. Its a 2-1 on the border of Kansas City and Raytown MO and its alleviate a ton of concern as he navigates an inevitable income reduction. I intend to remodel the property however since it won't be leased or owner occupied Im wondering if I have any options for pulling my money out of the property? Do I have any refinancing options? 

Always amazed at the contributions so many of you are making toward helping others reach their financial goals. May you be blessed with all your heart's desires.

[Alex Olson]

Hey Jarrad - yes you do. If you own the property and it is worth more than you paid for it you can have a cash out refinance or line of credit option. You will want to talk to a local bank such as raytown-lees summit credit union.