@Vinny MuliIf you have equity built up, can you do a cash out refi?

Texas does have specific rules regarding home equity loans and cash-out refinancing (often referred to as "Texas Equity Section 50(a)(6)"), but these don’t prohibit homeowners from using funds for investment properties.

Tariq  It depends on the type of loan program.If it's a Freddie Mac loan 6-7s depending on PPP, LTV, Fixed Term, and location. 

Maybe consider a conventional reno loan like the Homestyle or CHOICERenovation. 

Freddie Mac only offers financing for single properties they do not offer 'Portfolio loans" meaning bundle them all into one loan.

Together, the property nets us roughly $1,400/month after expenses.Equity Split: My partner owns 60%, and I own 40%.I'm exploring ways to take out my equity without disrupting this deal, as I feel this isn't the best financial decision for me right now.

Quote from @Mary Jay: Quote from @Jay Hurst: Quote from @Mary Jay: hi guys,so I have a lot of equity in one of my rentals but the interest rates are super low on it. so I dont want to do a cash out refinance on it because I dont want to lose the 3% interest rate on it.I want to get some cash out of it via Heloc or another vehicle,  so I could buy another rental, but its not my primary, so I cant get a HELOC on it from lots of banks....I think PenFed does helocs on rentals, but because I have more than 5 rentals, I dont qualify for their HELOC loan.IS there a bank that would give a HELOC/cash on a rental?

Doing an unsecured loan is a horrible idea. 

And don’t forget about tapping into equity if you have any.

Hi Kelly,I am currently with Equity Trust not by choice since they bought out Midland Trust last year (2023).