Pull Cash out of Fully Paid Property, Jax, FL

[Benjamin Small]

I need some ideas, thoughts and recommendations on pulling money out of a property. I haven't been able to find a lendor in my area that will lend on HELOC on the property. I would like to pull money out of a fully rented property and use the cash for new opportunities. Anyone have ideas or leads. Property value is around $110k, looking to pull out less than 80% of that value. I have good credit. I have an existing mortgage on my primary residence.

Give me your thoughts.

[Chris Jensen]

@Benjamin Small I'd recommend to keep checking with small, local banks and credit unions, which tend to be much more flexible with real estate investors.  The local banks in my town will most certainly provide a secured loan against the equity in an investment property (aka heloc), providing the equity level meets their criteria.  So I'm not sure why you're being told no.

Cash-out refi is certainly an option (I did that on one of my rentals last year), but you lock yourself into current rates for 30 years or until you refi again or sell.  And there are refi fees.  So I'd recommend to keep looking around.

Best of luck to you!

Chris