Financing in 20171>Question Details

Yc1203, Home Owner in 20171

Rental Property Cash out Refi

Asked by Yc1203, 20171 Sat Nov 10, 2012

I have two rental properties that are paid off. I am wondering if I can do a refi to take some cash out to buy a new investment property.

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Erik J. Weisskopf, ABR,CDPE’s answer
Some would say no...but many would say yes.

If you are looking for a a quality lender who thinks outside the box and does loans that make sense..let me know.

Another thing to consider is to speak with your accountant...your depreciation may be near end..and It very well may make sense to do an exchange. A 1031 or also known as Starker Exchange. YOu can roll 2 properties into one..or 2 into 4!

Let me know if I can be of assistance or if you wish to employ a seasoned 25 year veteran with 1031 exchange experience. I am close to the same situation with 2 of my properties.

Kind Regards,

Erik J. Weisskopf, ABR,CDPE,CRS,GRI
Re/Max Distinctive Real Estate
Erik@AskMeAboutHomes.com
703.216.1222
0 votes Thank Flag Link Sun Nov 11, 2012
Yes - I believe this is very possible, as long as you can show that you would be able to pay back the loans. I am referring to people who have businesses or are independent contractors - can be harder to qualify - requires more documentation and longevity of work as a business owner/independent contractor. Let me know if you would like some referrals to local loan officers or if you need help finding your next property.

Thanks,
Sonal
0 votes Thank Flag Link Sun Nov 11, 2012
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