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Updated over 6 years ago, 04/26/2018

User Stats

16
Posts
6
Votes
Jose Pomales
  • Rental Property Investor
  • Jacksonville, FL
6
Votes |
16
Posts

Refinancing Options

Jose Pomales
  • Rental Property Investor
  • Jacksonville, FL
Posted

Hi, 

I have a question about the Refinancing part in the BRRRR. If I have a rental property with a mortgage on it and about 20% equity in the property, would I be able to refinance and pull cash out ?

Thanks 

User Stats

1,982
Posts
596
Votes
Jassem A.
  • Investor
  • Pennsylvania
596
Votes |
1,982
Posts
Jassem A.
  • Investor
  • Pennsylvania
Replied

Probably not much. Few banks do HELOCs on rental properties and fewer would lend beyond 80% LTV. If you find any then I'd be interested to know.

User Stats

16
Posts
6
Votes
Jose Pomales
  • Rental Property Investor
  • Jacksonville, FL
6
Votes |
16
Posts
Jose Pomales
  • Rental Property Investor
  • Jacksonville, FL
Replied

you wouldn't happen to know which banks would do the Helocs on rentals would you ?

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User Stats

105
Posts
48
Votes
Toby Mims
Pro Member
  • Rental Property Investor
  • Jacksonville, Florida Area
48
Votes |
105
Posts
Toby Mims
Pro Member
  • Rental Property Investor
  • Jacksonville, Florida Area
Replied

You might want to check with a small community bank. Keep going from bank to bank until you find a "YES".  

  • Toby Mims
  • User Stats

    122
    Posts
    45
    Votes
    Clayton Plank
    Pro Member
    • Investor
    • Jacksonville, FL
    45
    Votes |
    122
    Posts
    Clayton Plank
    Pro Member
    • Investor
    • Jacksonville, FL
    Replied

    @Jose Pomales, I agree with those above. Most that I have found will not lend more than 80 %. I just refinanced a few with Ameris Bank and they only offer up to 80%.

    Clayton

  • Clayton Plank
  • User Stats

    16
    Posts
    6
    Votes
    Jose Pomales
    • Rental Property Investor
    • Jacksonville, FL
    6
    Votes |
    16
    Posts
    Jose Pomales
    • Rental Property Investor
    • Jacksonville, FL
    Replied

    Thank you for the feed back. 

    User Stats

    406
    Posts
    163
    Votes
    Joey Hamaoui
    • Real Estate Agent
    • Jacksonville, FL
    163
    Votes |
    406
    Posts
    Joey Hamaoui
    • Real Estate Agent
    • Jacksonville, FL
    Replied

    Hey @Jose Pomales did you ever find a bank that would refinance over 80% LTV?