Pulling equity Out on new property

[Eldon Mitchell]

I’m a new beginner investor and in the process of closing on the home(a week away). The appraisal came back 26 thousand over the asking price. So 26k in equity. How do I pull that cash? Is at closing ? Do I call the institution that has my loan after I close? Can I get some guidance. 

[Corby Goade]

If you are trying to do a cash out refi on an investment, the advice above is accurate. However- if this property is your primary home, you can do a HELOC for potentialy up to 90% LTV and you don't have to season it.

Moving forward, keep in mind that it's a marathon, not a sprint. It's really tough to pull smaller amounts of equity out because of lender's LTV requirements. However, as your equity grows and you scale, you can start pooling your equity and you'll be able to scale exponentially, but it will take time. You can speed that timeframe up by purchasing value add properties, doing rehabs and BRRRRs.

Best of luck!