I acquired a duplex about 7 years ago after my mother passed via an executor's deed. I am not on the security deed. Both units have identical floor plans. The property interest rate is 4%. I owe approx. $82K with a current market value of approximately $185K - $195K. The total combined rents received is $1530. My ultimate goal is to invest in real estate, acquire additional properties, preferably multifamily units. Unit 1 has an updated kitchen and rents for $825. Unit 2 kitchen is original, rents for $705 to a friend that has been in the property for 7 years . The property needs a little work i.e. replacing windows and a little siding work. Should I consider a cash out refinance (quoted 3% with up to 65% LTV, use the money for repairs or down-payment on next rental? or is a HELOC possible given I am not on the security instrument? Are there better terms like a 75% LTV out there? What are your thoughts?
