Profile picture for droz2007

If I have alot of equity in one property, what can I do to tap into that money and buy another one?

  • April 05 2009 - El Paso
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Answers (6)

Profile picture for Erick Rodriguez
I am glad to hear some people are still investing and you know right now is the best time for investors. Get a cash out on your house, the minimum you will need for the next investment is at least 20% down-payment. Unless you decide to work with someone that is selling their house owner finance. You have many options so happy hunting.
  • October 04 2010
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Cash out REFi. Contact Debbie Myers at Platinum Community Bank. 1-8-777-Debbie. (1-877-733-2243) dmyers@platinumbank.net

She is a real estate investment expert with 30 yrs experience and a local REIA sponsor for 20 years. She will give you honest correct answers.
  • May 28 2009
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Getting a home equity loan would normally be the easiest thing to do if the property with equity is your primary residence. Getting a home equity loan on anything other than a primary residence is very, very difficult right now. With that said you may still be able to obtain a home equity loan on an investment property if you speak to local banks near the actual property. You may also want to look for hard money loans or private money. You can do a search for either term to locate some potential options. Beware of high interest rates that come with these sort of loans.

A better idea if you can afford to do it is to save some cash and buy a Bank Owned Property. This is a very specific type of foreclosure and it requires some understanding of the market to get these at bargain basement prices. I routinely by these types of properties for $5,000-$10,000 each and avoid banks altogether. Contact us if we can provide any additional help.
  • May 25 2009
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Howdy
If you are in El Paso Texas this is an interesting market. I would love that all my family and friends owned no less than 10 homes by the the time they are fifty. So, get  a home equity loan at the latest and greatest lower than low rates and then plan.  Lease this home and buy another. 
Buying homes for the purpose of growing your portfolio and planning retirement require a professional and forward view.  Happy Memorial day to all and thank you men and women in our armed services for serving our country.
  • May 25 2009
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Do not do anything during this economy,
  • May 17 2009
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Get a line of credit and pull the cash out.
  • April 06 2009
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