I won't make any profit on it, but he's paying the bills and our hope is that he will buy it from me in 1-2 years or we'll keep it as a rental and he'll buy something else.

Reviving an old thread as I have a similar issue.

I’ve been with REI Nation for 12 years, and I’m here to help with anything you need.

We often see it when a duplex hits the market with 15-year-old rents, buyers really struggle to run numbers with confidence.

Here are some of the details:Purchased: June 2023Tenant: NNN lease, 3 year lease with renewal options that commenced in April 2024.Tenant pays $6,200 total. $5,000 net after taxes and insurance Internet is responsible for maintenance.Down payment: 30kValue: $725k +Current loan: $440kI just wanna pull $50-$75,000 of equity out of the property without being killed on a really high interest rate.

A hypothetical to see how people factor costs when rolling equity forward into additional purchases.For this example assume  you purchased property “A” for 100k, and put 25% down. 2 years later you sell it for 125k so you now have 50k (25k from your initial down payment + 25k in equity).

They seem to offer DSCR loans even with a 30 year fixed, no ARM, at 6.49%.

Situation: Years ago the owner of a property worth $1M and an elderly property owner placed a REVERSE MORTGAGE on their property which when funded allowed her to stay in her home and receive distributions from the lender up to a MAXIMUM sum of $700K. 

The last time I did an apartment rehab was over 5 years ago, pre-covid for sure.

For the last two years, I applied to a heloc at the same bank and was basically laughed out the door.