Hi there,
I'm reaching out because I am looking for a lender to help me figure out how to buy my next investment property before year end if possible. A little background info. I started investing in Chicago, IL. I had 5 units. 2 duplexes and 1 SFR. I moved to St. Pete 3 years ago and now I currently only have two properties:
Property 1: SFR rental in IL we'll call it 229. I am the only one on the loan. Current loan balance on 229 is 133,233.86. Latest appraisal in Feb 2022 was 217,000.00 Latest Zillow estimate for July 2022 is 274,100.00. I went through a covid loan modification. New loan agreement has been signed and executed and my next payment is not due until Sep 1st 2022
Property 2: My wife and I purchased a SFR in pinellas park in Feb 2021. We'll call it 7776 We currently live here so owner occupied. She is the only one on the loan. Current loan balance for 7776 is 255,015.83 have not had a recent appraisal but June 2022 Zillow estimate is 397,500.00
We want to purchase an investment property here in the St. Pete area by the end of the year. We want to use equity from one of our properties for down payment and closing costs for the investment property. Preferably equity from 7776 because we are currently paying mortgage insurance. I'll leave it up to you to guide but I was thinking cash out refinance on 7776 to get rid of the mortgage insurance and then also to take some cash out for the investment property. Can you help me?
