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Updated almost 5 years ago on . Most recent reply

User Stats

132
Posts
25
Votes
Rik Patel
  • Real Estate Agent
  • Miami, FL
25
Votes |
132
Posts

Best way to tap into equity with current market?

Rik Patel
  • Real Estate Agent
  • Miami, FL
Posted

I currently have a paid off property worth $470k that currently rents for $2750 a month and wanted to tap into that equity to use as a down payment to purchase up to a $1 million dollar property. I'll need about $350k down to purchase it.

Do you think it's better to get a LOC against the property to fund the down payment or a cash-out refi?

Look forward to hearing from you!

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