Cashout Refi help in casper wyoming

[Jordan Venjohn]

Hello, so this being my 3rd house now i have a question about this cashout refi. little background on the house. its a nicely rehabbed 4 bed 1.5 bath at 1400sqft in a nice neighborhood . On the same street there are 2 other houses for sale, one at 175k and the other at 183k both similar in size and condition. so im sure my appraisal will come back just were i want it. I owe 114k on my property and its renting now at 1200$ a month. How much cash could i get out ? the one bank i have all my houses held at does cash outs at 70% . so is this spread between the 114k and 175k or is it 70% of 175k?? im confused and i think i have not been doing this brrrr strategy correctly... ? i live in Wyoming

[Michelle B.]

Jordan Venjohn

I just did a cash out refi on one of my rentals. It's based on the appraisal amount.

So - $175k * 70% (or whatever the bank you are working with allows). That puts it at $122k. You owe $114k.

So at 70% you have < $10k available...not sure what your goal is. But I wouldn't even bother executing for that little cash.

Good luck!
Michelle