BRRRRR (the Refinancing part)

[Suzanne Nelson]

Hi all, we are looking to pull out some cash from our current Single family homes in Tacoma. We would like to perhaps add a third unit to our duplex or purchase our next property with the money. We have the following properties and would love some input as to what the forum thinks is the best way to proceed:

1) Purchased in 2013, paid $124K, worth about $200K today

2) Purchased in 2014 for $141K, worth about $280K

3) Purchased in 2015, paid $133K, worth about $280K

4) Purchased in 2015, paid $170, worth about $230K

5) Recently purchased duplex

We would like to pull out between $40-60K for down payment for our next unit.

Please let us know how you would proceed and what type of financing structure or lender(s) you recommend to do the refinance.

Thanks,

Suzanne

[Adrian Chu]

2 options.  You can do a cash out refinance.  Or you can get an equity line of credit as a second position lien from each of those properties thru a credit union.