How to unlock Equity in rental property? Help on figuring out a potential strategy

[Kurtis Tryber]

Hey all, 

I have some questions about potential strategies with a rental property that I own in Sumter, Sc. 

I bought this property in 2012 as a primary residence, however its been a rental property since about 2015. 

My question is, the property has a decent amount of equity, and I'd like to try and leverage that equity to potentially get another property ideally in the same neighborhood since I've had amazing luck renting to military members. I'm open to other strategies but ideally trying to understand how to leverage the equity in the property. 

Current Loan Balance: 100,952

Interest rate: 3.75

Mortgage payment + insurance/taxes: $1066

Rent: $1500/month

Estimated current value: 227k 
Current cashflow: $369/ month, I also have a first american home warranty on it $68/month so after everything I net about $300/ month. 

Let's hear some potential creative strategies! 

[Kurtis Tryber]

Quote from @Joseph Chiofalo:

Hi Kurtis, 

Is your current property a single family home or multi-unit?

If your credit is strong you may be able to access an equity line for up to 95% combined loan to value. 

What price range would you be targeting on the new investment property ?  

Thanks for the replies! I haven’t nailed down a potential investment yet, just wasn’t sure if I was able to even use the equity. 

I’ll dm you!