All Forum Posts by: Mikal MAxim

Quote from @Willie Robinson:

Have you considered a HELOC

I had considered a HELOC, but I was under the impression that you cannot do one on an investment property in Texas. I was told that it must be your homesteaded property in order to do a HELOC or a Home Equity Loan. 

Hi, and thanks in advanced for your advice. We moved 4 years ago to a new home and kept our previous home as a rental. It has been rented out the past (4) years and has good equity. I would like to get cash out, but unsure of whats the best route. I understand the Cash-out Refinance, but just recently heard about DSCR Loans. Im in a suburb of Houston (Richmond, TX) and wondering what would be the best route to get cash out of the property? Mortgage remaining is around 85K and current value based on comps is right around 295k. Also the property rents for 2K and has good cash flow.