Rental Property Investor · Redmond, WA · Member since 2018 · 44 posts · 4 votes
I have a rental property that I have built up an equity over the last few years. Now, I want to cash out this equity. I didn't find HELOC option with a fixed rate? Also, the home equity loan is not an option for me giving that I am going to use this for finding out my next investment opportunity.
What is the best way to cash out an equity for a rental without refinance or home equity loan? I am running out of options in my brain...
Rental Property Investor · SE Michigan · Member since 2014 · 4k+ posts · 6k+ votes
7y
You didn't mention this option, but why wouldn't you just get a cash-out refinance? It would be easier than a 2nd lien on the property. Replace your current mortgage with a newer bigger one. Best of all, it is a non-taxable event.
You should have a lot of options, either conventional or bank financing.