Hey BPso im a canadian resident and i own a property in SWFL in cape coral worth about 200k, it is fully paid off so no liens or mortgage or anything.Im looking to refinance it to pull out my cash and move to another project and just rent this out, I called the bank of america and they told me they could give me 50k or something line of credit with 19% interest secure with my house but thats obviously not what i want at all.

Some management companies actually force more turnovers so they can charge makereadies, that’s a terrible deal for the investor.

Plus you can’t pull out 100% of your equity on a refi or line of credit from the existing property.

Good+ credit, with lots of equity, w2 income for 2 years.

Is it advisable to refi with cash out or line if credit to buy another house?

For example: Do you fancy your credit being ruined, if/when you default?

Banks/credit unions/“portfolio lenders” will usually require loan applications, financial history docs, other various paperwork before being approved and most take a bit longer to close.

They are in their 60's with no pensions, retirement plans, or property.I'm planning on helping them to purchase a home soon, possibly using my credit to do so unless we can find an owner finance or similar situation.My question is this: is there a way I could use my credit to help them buy a home while preserving my buying power for future deals that I want to do on my own?

I think it would help prevent terrible contractors from taking other investors for a ride.

I will be doing flips and have my credit line approved.