Should I sell My Rental??

[Mark Cole]

I have a couple rental properties that are cash positive. The one that I am focused on appraises for 155K and I have a 75K mortgage balance. Problem is trying to tap into the equity to invest in other properties or even just kill off some debt, has been a journey. Whether a HELOC or Cash-Out Refi, bank fees, processing time and just the loan process has become a joke. I'm stuck with either accept these ridiculously disrespectful bank loan termsto try and grow or sell the property and take all the cash and do what I have to do. I really don't want to sell my property but I want to grow. Is this a case where i have to take a step back (sell) to take two steps forward (re-invest)? Any suggestions would be great.

[Kenneth Garrett]

@Mark Cole

You should be able to take out a HELOC or refinance the property at a reasonable rate. I usually am able to refinance at 75% with commercial loans at 6%. If your using residential your probably at 5%. It is non-owner occupied so your rate will be higher than owner occupied.