OfflineWhen dealing with a rental real estate is it the same process as typical homeowners refinance. I was reading a book on rental real estate and it basically said that when refinacing you wont be able to remove cash if theres any equity in it. My question is if thats the case how would i be able to go ahead and get a line of credit from that property to buy another property, i know that people usally buy one house and turn around and even buy two more from just that first one. I just would love for someone to clearify how this work and how would i be able to go about and do so thank you for your reply.
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Doesn't matter
If you have equity in a house whether it is your primary or investment, and the bank wants to put a lien on the home, you can have your HELOC or you can refi
If you have equity in a house whether it is your primary or investment, and the bank wants to put a lien on the home, you can have your HELOC or you can refi
I am not understanding what that means.
I wanted to find properties that had equity in them and then refi to pull some money out to help fund future properties. I am under the notion that I will not be able to do this. I have talked to two mortgage brokers and one told me that I could not refi if it is an investment property and the other one tole me I could only after 18 months. I have read two of Deans' books and the refi to pull money out was a common strategy. I understand that these books were written 2-3 years ago and a lot of new laws have changed since then. Is there a way for me to refi investment property to 'pull some money' out, and what type of mortgage would I have to have because the two brokers that I have talked to are stuck on FHA. I want to buy foreclosed properties.
If you have a primary home and there is equity in it, you may be able to pull some out. Not sure now, but its probably less than a few years ago due to the newer constraints. Once it was 80%, not sure how mauch you can pull out now
Same I believe w investments
thanks
In the last 6 months I went from a credit score of 800 to ??? I recently had to file for bankruptcy, my house is currently in foreclosure. I'm a prior MARINE so the word "give up" is not an option! I managed to find two private lenders who funded two houses(both in my name) that I purchased fixed up and flipped. my question is : I want to buy more houses fix up and hold with tenants, but I would have to refinace to give my private lenders back their money, would a bank even consider that with my credit? Any feedback will be appreciated.
Semper Fi
Sal