All Forum Posts by: Justin Reid

@Anthony Wick, 

I think you misunderstood. I don't owe back taxes. It's this years tax bill I just paid. And my car is worth much more than I owe on it & I'd like to recoup some of that cash to use towards the down payment for my second rental. I also paid cash for the ring.

So, between the check I wrote for taxes & the check for the ring, I’d rather not dip into my savings any further. 

Using the equity in the car to put towards an appreciating assent that will generate additional cash flow seems like a good idea to me unless I’m missing something? 

And I’m not doing a title loan. I’m going to my CU and basically taking  out a loan to pay off the current  loan & use the extra for the down payment. 

I have a 2nd toy car that I have a loan on, but am equitable in. A property came up just a few houses down from my current rental and I think I can buy it right, but I don't have the cash for the down payment at the moment. (Big tax bill last year & engagment ring purchase. My lender wants to see 15% down and I have that amount in my 2nd car. 

Thoughts on approaching my credit union that has the car note, applying for a loan that is higher than the payoff, but still less than the actual value to get the cash out of it and use for the rental property down payment?