My first preference would be to try for a seller finance deal on the property for part of all of the transaction...find out what the seller's needs are and see if you can structure something.
Depending on your credit history, you could probably refinance and take a mortgage out for approximately 70% of the value of your existing investment property. Lenders will offer this but will require an appraisal as you'd expect to determine actual value. I'd recommend a fixed rate product...or you could do a variable rate equity line. Either way you are using the equity as the basis for your refi product.
Tom Hinz www.shortsaletosell.com... more
Hi, For your consideration: An all-new condo with first rate materials, we have a tenant ready to take @ $1,750 per month. Your monthly costs with 20% down less than $1200 per month including(principal, interest, insurance, taxes, maintenance) It is not on the beach, BUT it is in the Red Bank rental market, where rentals are in high demand, close to parkway and train. Think like an investor - buy where the rental demand is!