Have a mortgage free rental and need to access cash

General Real Estate Investing
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Have a mortgage free rental and need to access cash

James Myers
Chattanooga, TN · Member since 2017 · 21 posts · 1 vote

 What is the best way to access the equity in my paid off property so I can use that money to purchase more properties? 

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  • Jeff CopelandBusiness Member
    Real Estate Broker · Tampa Bay/St Petersburg, FL · Member since 2015 · 1k+ posts · 2k+ votes
    9y

    A cash-out refinance. 

    Copeland Morgan LLC4.770 Reviews
    WebsiteView Page
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  • James Myers
    OP
    Chattanooga, TN · Member since 2017 · 21 posts · 1 vote
    9y

    @Jeff Copeland  Thanks wasn't sure if cash-out-refinance was possible for a paid off home. 

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  • Shawn AckermanPro Member
    Real Estate Entrepreneur · Mid West, East Coast · Member since 2015 · 3k+ posts · 1k+ votes
    9y

    @James Myers I put debt on properties the second I can.  Think of all of the potential interest/returns that money can be  making for you.  Attorney's love debt free assets!!  Your looking like a T-Bone steak my friend! 

    I'd suggest you either put a HELOC on the property or do a cash out refi. I buy all of my properties in cash and send HUD to lender immediately after closing along with the rental leases, title, Deed and insurance docs. Put some debt on that bad boy in a HURRY!!!! Before someone else does.

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