Refinance options for out of state investor w/ property underLLC

[James Spevak]

Hi all!

I have one rental property (duplex) in WI that is in an LLC, no debt, and I currently live in CA. I am looking for the best way to access the equity in that rental property so that I can use that loan to purchase another property. If anyone has any thoughts, that would be great! Thanks in advance

[Ryan O'Mara]

@James Spevak - Every lender has different criteria around this.  Some won't lend to out of state investors.  But there are plenty that do.  Of those that do, some require you have a property management company in place.  Some require you have a certain amount of investing experience.

Most you'll likely get for cash out is 75%LTV. But it's also got to debt service to the lenders specific dscr requirements.

Bottom line, yes you have options for what you're looking to do.  Having a good broker is helpful.