Advice on the best way to pull money out of my house.
Hello BP
I posted this on the PRO section and did not get much response so let's give this forum a whirl. I am a new to the real estate investing game and was looking for some advice on what I should do to possibly pull money out of my house to buy my first investment property. I live in North Jersey and bought my house from my in laws in 2008 for a fair px of 430,000. I put down 100,000. When we did it and convinced my in laws to carry the note bec it would provide them with cash flow when they retire. Now they are carrying a 30 yr note which has 275,000 left for 22 years for me. About 4 years ago I took out a HELOC for 75,000 for improvements. My mother owns her own interior design firm so using her builders, electricians, plumbers and discounts on tile, appliances you name it I was able to gut the home from top to bottom and redo all the outside landscaping. I had my home looked at by a realtor in the spring and they said the home would sell for 575,000 on the low side. So I have a first mortgage of 70,000 (HELOC) and a second of 275,000 with the in laws. (Bank would not go in a second position to a private mortgage at the time). Any suggestions on the smart way to pull money out of my home?
Thanks
J