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Updated about 1 year ago,
How do I get my money out?
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 :)