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Updated almost 2 years ago on . Most recent reply

User Stats

308
Posts
308
Votes
Tim J.
  • Investor
  • Vermont and New York
308
Votes |
308
Posts

Possibility of getting use of equity in a SFH rental without selling?

Tim J.
  • Investor
  • Vermont and New York
Posted

I have a rental SFH with about 150k to 200k of equity in it.

I have already refi-ed it to the point that taking out any more money would make the rent/loan payments upside-down.

Last year I acquired with some partners a few multi-family properties. I now much prefer those kinds of properties over Single family

I have been considering selling the house in order to acquire other properties with the resulting cash.
However, I would prefer to attempt to use some amount of the equity as a collateral for financing other properties.
e.g.

house value of 400k. Existing loan 200k. equity: 200k. I, assume if some kind of portfolio lending is possible, that I would be able to tap into about half the equity left in that house - so approx 100k.

other assets I manage with partners include
- 6 family building ($600k )
- 13 unit mobile home park ($700k)
- 2 condo units work about 500k together
- 2 other SFH worth about 200k combined

total equity in all those is about 400k, with my share being about 100k to 150k - but I list those only to show lenders some level of competence in  acquiring and managing properties - I prefer to "borrow against" the SFH mentioned, not the other shared portfolio properties.

My questions:
- Is this a reasonable possibility
- how do I go about setting this up - which lenders or key phrases do I need to google/use when contacting lenders? Which lenders should I target?
- what else am I missing or not asking

Thanks

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