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Unemployed. Can I cash out on investment property?

I am now unemployed. I have an investment property with steadily rent income for over 2 years. I need cash. Can I can a loan with my investment property?
  • June 17 2013 - Fremont
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Answers (6)

Fremont investor.
Your tax returns will be utilized for qualifying purposes.  If you are receiving enough rents from subject property to cover payment and all of your own living expenses, you may be able to qualify for a loan.
Blanket statement of no is not quite true.
I am located here in Fremont if you would like to discuss.
  • August 28 2013
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Profile picture for CA Direct Lending
The loan programs available for you are private-money loans or are also referred to as "hard-money" loans.

The interest rate will be around 10% with interest-only payments, come with a minimum 6-month pre-payment penalty and 3 or 4 points cost.  You will be able to get your cash in about a week to ten days, though. 

Let me know if I can help arrange this type of loan for you.

Thanks!
  • August 16 2013
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Although I have very creative mortgage options, if you are unemployed it is probably going to be impossible to do an investment property cash out refinance (or primary for that matter).  It may be the best option to consider selling the property.
  • August 16 2013
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we have outstanding mortgage Program please give us call


Omar Khamisa
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  • August 16 2013
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My investment property is paid off, so zero liability. I want to keep my property because I will pay back soon. Do banks do this kind of loans? What kind of loan is it called?
  • June 19 2013
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If all of your sources of income (including rental income) are at least double all of your liabilities (including real estate), then you may qualify.  If your only source of income is your rental income, it will need to be a pretty hefty income (at least twice the amount of your liabilities).  These are just general guidelines to see if you are in the ball park.

Private money may be available to you for cash out of up to 60-65% of the value of your rental property.  These terms are not very favorable and may put you in a negative income situation. 

If you are strapped for cash, the most cost-effective scenario may be for you to sell the property. 
  • June 17 2013
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