Rental Property Investor · Atlanta, GA · Member since 2020 · 40 posts · 31 votes
6y
You can do either a cash out refinance or an equity home loan/equity line of credit. Each has their own tradeoffs so research them and compare costs to determine which one is best for you. Once you get the funds use it to make the downpayment on a new property using conventional financing.
@Jibu V. I go about the negotiation process quite different than you explained. Feel free to send me a direct message and will share my process.
On the relationship aspect, this is business and if someone offers a better deal on a homogeneous product like conforming loans I do not feel bad going another direction. Now if you are talking about portfolio lender, private lender or anyone that can work outside the box of conforming loans....that is an entirely different story.
I'd like to hear your process. While I'm waiting for my last 2 years taxes to be done and considering dscr loans. They seem competitive.