Personal Finance
Market News & Data
General Info
Real Estate Strategies

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal


Real Estate Classifieds
Reviews & Feedback
Updated over 2 years ago on . Most recent reply

How to leverage equity-HELP
I just got a multi-unit and it just so happens that it requires a bit more cash, such as plumbing, electrical etc,. I have two other buildings, and I have a high amount of credit card debt (over 50k) due to the unforeseen surprises of the latest building. I would like to pay off the debt but I would also like to tap into the equity of one of the buildings for my next purchase. Any advise.
building 1: available equity 110K , monthly cash flow about 1100
building 2: available equity about 50K, monthly cash flow about 700
building 3: under renovation, monthly negative 1600
Most Popular Reply

Quote from @Mario Morales:
I just got a multi-unit and it just so happens that it requires a bit more cash, such as plumbing, electrical etc,. I have two other buildings, and I have a high amount of credit card debt (over 50k) due to the unforeseen surprises of the latest building. I would like to pay off the debt but I would also like to tap into the equity of one of the buildings for my next purchase. Any advise.
building 1: available equity 110K , monthly cash flow about 1100
building 2: available equity about 50K, monthly cash flow about 700
building 3: under renovation, monthly negative 1600
What you did not mention is what are the values or LTV's of those assets. you could try and get a LOC or refinance but you probably cannot exceed 75% LTV. Might need to sell one if they are high.
- Chris Seveney
