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Updated almost 12 years ago on . Most recent reply

Dawn Wilkins's profile image
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Dawn Wilkins
  • Investor
  • from Aliquippa, Pennsylvania
  • Member since Apr 4, 2013
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Dawn Wilkins's profile image
Dawn Wilkins's profile image
Dawn Wilkins
  • Investor
  • from Aliquippa, Pennsylvania
  • Member since Apr 4, 2013
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Dawn Wilkins
  • Investor
  • Aliquippa, PA
1
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28
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Rehabbing & House Flipping

Own rental property free and clear, how do I get cash?

Dawn Wilkins
  • Investor
  • Aliquippa, PA
Posted

Purchased a property in Detroit Metro area 11/11 for 52K cash, put 10K in and have been renting since 12/11. Its currently worth about 72K. I would like to continue renting but I need cash to grow my business. I have contacted some local banks but being told its not possible for 2 reasons ( cash out less than 50K) and I can't finance conventionally because I just went through a personal short sale. Is there a way for me to get about 40K out of this property without selling? Any advice is appreciated.
Dawn Wilkins

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Dawn Anastasi's profile image
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Dawn Anastasi
  • Rental Property Investor
  • from Milwaukee, WI
  • Member since Feb 4, 2013
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Dawn Anastasi's profile image
Dawn Anastasi's profile image
Dawn Anastasi
  • Rental Property Investor
  • from Milwaukee, WI
  • Member since Feb 4, 2013
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Dawn Anastasi
  • Rental Property Investor
  • Milwaukee, WI
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Dawn Anastasi
  • Rental Property Investor
  • Milwaukee, WI
Replied

Scott W. I think you need to check your math. This is 70% LTV.

  • Dawn Anastasi
  • Podcast Guest on Show #29
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