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Updated about 9 years ago,
How much equity would you take?
Quick background - I am 27 years old. I own 10 single family homes in the Cleveland suburb market and have a second business outside of real estate that generates most of my income/cash flow.
I recently got approved for a cash out refi on 2 of my properties with my portfolio lender.
The numbers for each are:
Appraisal: 130 / 115
Loan Balance: 37 / 44
Available Equity : 93 / 71
Total cash available : 164K
I plan to take 100% of the cash to invest in additional properties and my SEP IRA.
So how much equity would you take? I dont plan on retiring for 30+ years and the Cleveland market didn't gone gangbusters like some other markets so I dont think declining prices should be much of a factor. How greedy should I get?