Glassboro, NJ · Member since 2015 · 18 posts · 2 votes
Hello everyone I've recently purchased my first rental property, a townhouse and went cash in to get the best deal, I'm almost done with the renovation process, we have it listed for rent, I purchased this with a new set up llc not to use my other llc so I could keep things separate, my question is how can I get some cash back out of this to go out and buy another unit? The llc is in NJ and set up under sole owner and 3 months active. Thanks in advance
I used an equity based lender with zero income/tax/employment documentation, and they don't care about the cash flow of the property. They'll go up to 70%LTV (or purchase price if owned less than 12mos) and close in an entity. Quick process, but the rate is a little high. 7-8% on a 30yr term, no points.
Thanks Robert
At this point I'm not too worried with the interest rate if I can use the money towards buying another good deal it will be worth it! Any company you know on the east coast? Thank you