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I would like to pull equity out of an existing rental property (paid off) to purchase more rental property. What is the best way to do this?

by preston603 from Gresham, Oregon. Nov 11th 2016 Reply


Randy Free (rfree@opesadvisors.com)
#21 ranked lender in Oregon - 45 contributions

Hi Preston,Depending on how much you need, and your longer term plans, you will need to evaluate if it's better to do a first lien 'cash-out' refinance, or a home equity line of credit (HELOC). If you choose to do a refinance, then a direct lender mortgage bank like Opes Advisors (West Coast) is a good choice, and for a lower loan amount HELOC, sometimes a local credit union is a good choice. I would be happy to go over your scenario further with you and give you honest advice, even if the best solution for you is not to use my services. Feel free to call.Randy Free Mortgage Advisor NMLS 283930 (541) 984-5428 Office (541) 510-0488 Mobilerfree@opesadvisors.com 4710 Village Plaza LoopEugene, OR 97401

Nov 11th 2016
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Michael Diaz (sincityloandr)
#59 ranked lender in Nevada - 25 contributions

With our portfolio lending program we offer higher loan to values then most companies. We have an investor loan program as well where you could hold the loan and title in an LLCReally just depends on how much you need. You can look at my site www.letsbuyahousevegas.com for info or if you want contact me and I can offer you a couple options! Michael.diaz@caliberhomeloans.com or call/text 702.609.2607

Nov 11th 2016
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Chris Barry (TheLoanDoctor)
#45 ranked lender in Oregon - 40 contributions

I work with real estate investors all the time who do what you want to do. Give me a call. I'm happy to help!

Nov 11th 2016
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Michael Dolan (michael)
#12 ranked lender in Oregon - 8 contributions

This is a common practice. If you have strong tax returns for the past two years, you can get a conventional mortgage re-finance loan. If not, there are alternate lenders that do not require you to state your personal income. Property needs to be rented. Rate is a little higher. I can do either for you. Mike Dolan, BrokerProMortgage.com

Nov 11th 2016
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Lorne Harvey (lorneharvey)
#1 ranked lender in Washington - 418 contributions

As long as you do not have more than 4 financed properties, it is a straight forward cash out refinance. Please reach out to me if I can help

Nov 11th 2016
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