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Updated about 4 years ago,
Home paid in full, HELOC?
My question is a home being fully paid off. It was originally a custom built home. Recently mortgage was paid in full and I hold full equity. never have I got a appraisal done. This is my first step to get a home appraisal to be issued a paper saying the amount the home is valued on the market. My second major question is how do I use the equity in the home to buy potential 1 or more houses. Should I cash out refinance, HELOC? I'm wondering after I get a appraisal do I take the letter to local banks or lenders? Contact a local trusted real estate agent? I would like to potentially get 1-2 property's,if not (2) just one home possibly paid in full or at least a good down payment from the equity I already have in my home now. Please give me some help and let's network.I'm just wondering the best route I would have to take after the appraisal. I feel I have a good change to do what 24 year old ICU nurse did in episode (32) of BiggerPockets real estate rookies Prescott Williams. Took a Heloc from his parents home to purchase two rental property's. Would a Heloc be the best option? Alternatives? Who to contact? Where to start after appraisal paper comes in?