I have a multiunit property (tri plex) in sonoma county that I purchased with 20% down in December of 2021. I have a bout 500k in equity and wanted to see what ways if any I could get cash out AND, where to invest ?
I have been laid off for about a year now, so that makes getting a HELOC difficult. I am going to be getting married here in a few months and my partner makes about 160-180k a year. So i'm thinking that could help with qualifying.
Lastly, I would like your feedback on where/how you would invest if you were me? Ive always leaned towards the CA market, however, recently have started to give midwest/other states a second look. Some multiunit/single family properties is ideally how I would like to invest.
Any and all feedback would be greatly appreciated.
im in a similar position. I have an opportunity to buy a property with a lot of equity and itll be under the 80% LTV and if i buy the owner will split some of equity with me. Same job situation. Credit is good though.
Hello, local realtor here in Sonoma County so message me with your contact info if you want help with the process. Your soon to be wife’s income will for sure help you with qualifying. If she is on title to your current triplex, then getting cash out won’t be an issue. If she’s not, there are some workaround where you can still access the cash even with no income on your side. Congrats on the upcoming marriage by the way!
I have a multiunit property (tri plex) in sonoma county that I purchased with 20% down in December of 2021. I have a bout 500k in equity and wanted to see what ways if any I could get cash out AND, where to invest ?
I have been laid off for about a year now, so that makes getting a HELOC difficult. I am going to be getting married here in a few months and my partner makes about 160-180k a year. So i'm thinking that could help with qualifying.
Lastly, I would like your feedback on where/how you would invest if you were me? Ive always leaned towards the CA market, however, recently have started to give midwest/other states a second look. Some multiunit/single family properties is ideally how I would like to invest.
Any and all feedback would be greatly appreciated.
DSCR loans are built for investors who either can't or don't want to show personal income. Qualification is based on the income the property is making (refi) or the income potential of the property for a purchase
@Alex Khan I would get the HELOC to find out how much cash you can utilize first then decide on the next step. Happy to refer you to my lender who can help. He just helped my other client in a similar position.
Based on your situation, are you aiming to maximize cashflow?