Trouble Pulling Equity Out of Rental Property

[Chris DeMorais]

Hi all!

I am new to Bigger Pockets. Love the content. I am bringing this situation to you all because I have exhausted all my known options and think this community can for sure help.

To cut to the chase, I have a 2 unit multi family I bought for 225K that is now worth conservatively 400k, with cash flow of $1500/month. I want to get a line of credit against the equity in the home, but do not have the ability to get a traditional HELOC. I have discussed refinancing, but am trying to avoid that at all costs due to projecting to pay off the note in less than 6 years.

I recently listened to a Bigger Pockets Podcast where they were sponsored by B2R finance.  As in other threads, it has been discovered that they have been bought out by another company.  I found Corevest Financial and was wondering if they were an option to help me pull equity out of my asset?

The funds would ideally be used to start generating active income through turning over properties which would drive the reinvesting of that capital into rental properties.  If I would have to direct the assets at another hold property, I would be open to that as well.  I just want the money working for me!

Furthermore, If anyone has any other solutions as to how I can gain access to the equity of the home, I am all ears.  If someone has interest personally in helping me out, please don't hesitate to reach out! 

Thanks so much for everyone's time! I am looking forward to being more active on here.  Talk soon!