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Updated about 6 years ago,

User Stats

6
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1
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Teddy Williams
1
Votes |
6
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New Member, I own 11 properties, but want advice on refinancing

Teddy Williams
Posted

Hello, new member from Houston,Tx. Im a conservative investor who owns multiple properties that are paid off and I'd like to know best options for refinancing my current properties before I talk with my bank so Im educated on options. 

Properties I own separate from my home 11 rental townhomes - $750-800k value total and paid off

My question is in regards to the best way to get equity out of the whole group. The reason being is the 11 properties are grossing $12,000/mo in rent and doing very well but I'd like to get the equity and keep the rentals and use the money to buy another commercial property that has recently popped up. 

Would it be a home equity loan on each home? There's 11 or can they look at the whole portfolio? Would a large bank do this? I bank with wells fargo or would I need to go to a credit union? Are the interest rates on these loans in line with a regular mortgage? Terms? LTV?

Thank you for your time

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