All Forum Posts by: Allison B.

Thanks again for everyone's responses.  @James Masotti might you have some banks you are able to share?  Also, in the midst of my quest to refi, the thought of buying another property and selling this one using the 1031 exchange has come to mind.  So, wondering if anyone has a preference - refi and cash out to invest or sell & buy another property using 1031?

thanks, @James Masotti.  True.  Sure enough, I'm looking into more local banks and having success in finding banks that will work with me.  Thanks for your help. 

Thanks for your replies, everyone. I appreciate the input and the downside of leaving the equity untapped. The problem I'm running into is this: Tapping the equity on an investment property. It's not my primary residence, it's not a second home and from any of the research I've done thus far, which is a fair amount, HELOC's don't happen on investment properties anymore. Also, I'm having little luck finding a bank that will refi a 15 or 30 yr loan on an investment property. @Steve Walczak - you're in New York - are you aware of products/programs that make sense here? Anyone else have tips on how to actually tap the equity?

Hi, 

My wife is Allison, I'm her husband David.  We have a 3 rental unit in Park Slope, Brooklyn.  The 15 yr mortgage will be paid off in 3 years.  Right now we have 90% equity in the house.  We'd like to make another real estate investment now but not sure what to do.  We rent our current living space in Manhattan and don't have a lot of liquid equity on hand.  I figure my options are: 

A) do nothing and have mortgage free cash flow in 3 years, then save big time for our kids college (about 7 years from now).  

B) We could refi the house, buy another property and rent it that out.   Taking out a 15 yr. mortgage on both aiming be paid off when we're about to retire (at 65ish)

C) leave the Brooklyn property be and get another mortgage on a house that we move into.  Hack that house or quickly flip it.  Then try to buy another house either to live in or flip

D) Wait 3 years, move into the Brooklyn house and live for mortgage free and then make another investment

Anyone have any other ideas?  Part of me is really looking forward to not having a mortgage to pay a mortgage.

Thanks, 

David

We own a 3 family investment property and currently have an LTV of 10%. We would love to use the equity in that home to buy another investment property, but have been told that banks won't give us a jumbo loan because there are too few units. Is there a way around this or a different type of lender we need to go to?

Thanks!