How do I pull money out of my house?

Question

I currently own a house in Long Island New York. The House is worth approx. $450-500K. The house has been paid in full. How .... or WHAT TYPE of method do I use to pull out about $150K of equity out of the house? I would like to also add that I have an additional $60K in cash. To make matters a little bit more complicated the house is in an LLC.

How would you guys do this? I appreciate any input!

Chris Davidson · Answer

@Wojciech Grajewski you can either take out a traditional mortgage on the house in the name of the LLC, or get a LOC on it similar to a HELOC. If it is worth 450 and you are looking for 210 that is a 47% ltv, and should easily be able to get that. At that point pull the money out when ever you need it.

FYI it doesn't cost more to get a higher limit on a LOC. If they let you go to a 70 ltv take it. that would give you 315k but doesn't mean you would have to use it all.

John Morgan · Answer

Cash out refi and put it in your personal name with a conventional loan. I did this 5 years ago and took the cash to buy 3 rentals with 20% down. I also did a HELOC years ago to buy a rental. You’ve got some good options. Good luck!

Erik Estrada · Answer

What is your goal? Is this property leased or vacant?

Amber Arwine · Answer

Mortgage or HELOC, just depending on what the goal is. We have both on investment properties if you want to reach out for more detail.

Shafi Noss · Answer

You might consider pulling funds out with a bridge loan, would be a shame to lock in a 30yr fixed rates while rates are so high. Then refinance when the rate pressure comes off.

Bob S. · Answer

Is this a real question ? Home equity loan,

Good luck

Conner Olsen · Answer

I'd start looking into a 2nd lien on the property or doing a full refinance. Call around to different banks in your area and see how much it would cost and interest rates. There's a chance that you can get a line of credit on the property but very few banks offer that for pure investment properties.

Greg Scott · Answer

The simple answer is you just put a mortgage on your house.

How do I pull money out of my house?

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