Strategies to Unlock Equity

[Mike Giese]

Currently own 5 rental properties outright and looking to leverage the equity there to purchase a few more properties. 

Not sure if it makes sense to approach a bank to get some kind of business line of credit or try to do cash out refis for them.

If anyone has done something similar I'd love to hear your stories and how you went about it. 

[Chris Mason]

A traditional mortgage lender offering Freddie products, with minimal overlays, and an IQ greater than a potato, will be able to cash out all five at once with simultaneous closings.

Note that not all lenders offer Freddie products, have minimal overlays, and have IQs greater than a potato. 

Or, if there's enough equity, do it as a 1-2 punch for slightly better rates on 4 out of 5. Cash out 4 to pay off 1, Fannie Mae financing, close, then cash out only #5 Freddie as a distinct 2nd step. Make it so your least valuable / smallest mortgage property is #5. IQ required here is greater than a chihuahua.