Brrrr with refi issues (rookie)

[Joseph Hanich]

Hey All, I’m new to BP and I’m also a new real estate agent in North Idaho (6months). I have a question regarding pulling the equity out of my primary residence to put towards a rental property.

I bought my current home a couple years ago and have roughly $80k in equity at the moment. Ideally I’d like to take some of that money and look for an investment, my issue is that because my sole income

is from real estate and I’m a 1099 position I won’t be able to go the traditional route and refi through a bank.

I’m familiar with hard money, but without being able to refinance I don’t want to be stuck with a 9% interest rate.

Are there any recommendations on how to pull some equity out of my home to put towards a rental property?

[Caleb Heimsoth]

Originally posted by @Joseph Hanich:

@Caleb Heimsoth - and that’s what I’ve been hearing from everyone, so I’m not sure if it’s a lost cause at this point.

It could also be a lost cause because you don't actually have any lendable equity. What's your LTV?