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Updated about 9 years ago on . Most recent reply

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42
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7
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Markeen Baker
  • Saginaw , MI
7
Votes |
42
Posts

Home Equity

Markeen Baker
  • Saginaw , MI
Posted

Hello All,

I recently bought a home that was already paid off and I am using it as a rental. I was wondering if it was possible to take out an home equity loan or line of credit or refinance on the property to purchase other properties even though I, personally, did not take a loan out on the property? If it is possible, how long is it that I have to wait to until I am able to explore either of these options?

Thank you in advance

Most Popular Reply

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512
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290
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Will Pritchett
  • Rental Property Investor
  • San Antonio, TX
290
Votes |
512
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Will Pritchett
  • Rental Property Investor
  • San Antonio, TX
Replied

if you have no mortgage and own it, your equity is the value of the property. I have done a cash out refinance on a rental before. I believe it was up to 75 or 80 percent of the value. I would check with some local banks. Seems like it was easier before I had four mortgages and maybe not an option after four. 

Good luck

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