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Updated almost 7 years ago,
Equity stripping question for someone in Seattle area?
Hello all,
I wondered if anyone could assist me with a resource for this conundrum :)
I own a cash flow positive SFH rental in Seattle that I'm trying to pull equity from for more investing (flipping) outside the state. I also now live outside the state (in Tennessee).
The issue is that I currently am not earning W2 income to pursue a typical HELOC from it. Also, I attempted to reopen a line I used to have on it years ago, but the credit union I worked with no longer allows this for out of state residents anyway. I'm pretty leveraged otherwise, with both one additional rental and a primary home here -- both mortgaged and with a HELOC.
Any creative strategies? Current value of property is around $500K, only loan on it is a primary with $199K balance.
Thanks for any advice!
Charlotte Bishop