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Updated about 1 year ago,

User Stats

9
Posts
6
Votes
Chrissy Smyth
  • Investor
  • Mayo, FL
6
Votes |
9
Posts

How do I get my money out?

Chrissy Smyth
  • Investor
  • Mayo, FL
Posted

Hi Everyone, I have 3 properties and all my cash is tied up in them. I am wondering what the best way to get my cash out so that I can buy more properties. I do not have mortgages on any of them. 

House 1: I purchased a lot, added electric, septic and well then purchased a manufactured home. Currently waiting on it to arrive- ETA is April. Lets say value is $200,000. This will be my primary residence for a couple years after its ready to move in. 

House 2: Investment property just purchased. We will be living in this house until house 1 is ready, then renting. Value: $130,000

House 3: My "summer home" and also my childhood home that I was able to purchase from the bank super cheap when my dad had to be moved into a home and was upside down in a reverse mortgage. Value $450,000. This house is 12 hours away from house 1 and 2. 

So all 3 were paid in cash. What is the best way to get the cash out? 

1. Not sure how this works as its a manufactured home and land was separate. 

2. Delayed financing on the investment property basically doing a brrrr on this?

3. HELOC? Is this an option for second homes?

Thanks :)

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