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Updated over 2 years ago,

User Stats

9
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0
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Sean Tift
Pro Member
  • New to Real Estate
  • Portland Oregon
0
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9
Posts

Looking to refinance a rental property

Sean Tift
Pro Member
  • New to Real Estate
  • Portland Oregon
Posted

My partner and I own an investment property in Indianapolis(SFH 4bed 2 bath, 1508 sqr feet). We acquired the property prior to the pandemic, in 2019, and it has appreciated quite a bit since. The original purchase price was $88k. We took out a HELOC against the property in mid 2021 and currently owe a total of $97,500.

Closest comp in that area is around $150k. 

We are looking to refinance the property to lock in a good rate before they increase and to pay off the HELOC. Ideally we would like to do a cash out refinance in order to take out some money for other repairs on our list. Does anybody have any recommendation of lenders who are willing to do a cash out refi on an investment property?

What other considerations should we keep in mind as far as rental income from the property, cash reserves, etc... 

thank you. 

  • Sean Tift
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