I have a house that is totally paid for but I want to get cash out to purchase business investment property. What do I do???

Asked by dewaynetillman, Asheville, NC Wed Nov 27, 2013

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8
Duong Nguyen, Agent, Richardson, TX
Wed Nov 27, 2013
Another option is to do a refi cashout and use the cash to buy your investment property.
Duong Nguyen
Re Max Associates of Dallas
469-556-3042
don_remaxabrams@yahoo.com
1 vote
Kenneth "Ken…, Agent, Dallas, TX
Sun Dec 1, 2013
Contact your bank or mortgage lender.
http://Www.tcrdallas.com
0 votes
carenkerr, Both Buyer And Seller, 90405
Sat Nov 30, 2013
Your house can include your monthly rental payments in addition to the cost of your home to be factored in. You can get a loan from any loner if you have a positive credit or take an advice from a professional real estate agent.
0 votes
T.E. & Naima…, Agent, Dallas, TX
Fri Nov 29, 2013
As noted, a Home Equity loan or a Home Equity Line of Credit will both work on getting up to 80% of the equity in your residence in cash.

But, please remember to account for any closing costs or other expenses in acquiring the business property, plus any working capital if you need it, because repayment of the HELoan or HELOC starts about a month later.
Web Reference:  http://www.SumnerRealty.com
0 votes
John Lyng, , Dallas, TX
Fri Nov 29, 2013
Dewayne,

If you live in Texas (I wasn't sure since your city is listed as Asheville, NC) you can take a cash-out refinance on your home, and you can borrow up to 80% of the appraised value of the home. A Home Equity loan may work also depending on the amount of cash desired.

No matter what state you live in I advise to tread carefully. You have a home free and clear which can make the long term future much easier. I would hope that you have already written a business plan and presented to your bank or even investors before betting your home on a start up business.

I hope whatever you decide works out for you.

Regards,

John Lyng
Mortgage Counselor - NMLS 280951
JLyng@naca.com
0 votes
Veronica Luj…, Agent, Brookline, MA
Wed Nov 27, 2013
Hello, You can contact your previous lender and try to find out how much they will charge for a Line of credit for your investment. Hope that helps!
0 votes
Dallas Texas, Agent, Dallas, TN
Wed Nov 27, 2013
Depends on the amount of cash could be a local small bank can assist you

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0 votes
Suzie Mai, Agent, Honolulu, HI
Wed Nov 27, 2013
Is this a house you lived in or is it an investment property? There's a few things you can do. Of course the obvious one is to get the home equity line of credit (HELOC) to get some cash out of the property while paying low simple interest (and that simple interest is tax deductible). Or the other few ways to go about it is to sell but depending on how much capital gains you will have, doing a tax 1031 exchange may not be a bad idea if you're swapping investment(?) to investment.
0 votes
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