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Updated over 1 year ago on . Most recent reply

User Stats

15
Posts
5
Votes
Christopher Roome
  • Investor
  • New Jersey
5
Votes |
15
Posts

What options do I have

Christopher Roome
  • Investor
  • New Jersey
Posted

I own a townhome with a lot of equity that I'm renting starting 12/1 and I am currently under contract for my new primary residence. What are options for me to leverage my equity? I can't get a HELOC because bank sees I'm under contract, my rate is 3.75 and I'm cash flowing roughly 900 so a cash out refi doesn't make sense, I don't want to sell as cash flow and appreciation both are nice. Not sure if there are any other options out there for me, but I'm new to this so I figured this forum is the best place to ask!

Most Popular Reply

User Stats

15
Posts
5
Votes
Christopher Roome
  • Investor
  • New Jersey
5
Votes |
15
Posts
Christopher Roome
  • Investor
  • New Jersey
Replied

@Jaron Walling the tenant is moving in on 12/1. Rent is projected, $3200/mo with mortgage ins and taxes coming to 1600, HOA and water 500 and 200 for vacancy and maintenance (I replaced and did a lot of work in the 3 years I've lived here so running 5% and 2%) $2300 out, leaving +900 cash flow.

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