Cashing Out Equity
Hello! I am a new real estate investor who has stumbled on to a fantastic deal. I currently lease the property I live in, and when I approached the owner about purchasing the property, they were happy to sell it. My owner is willing to sell the property for about 50K below market value, and carry the financing.
As my credit is not perfect, I like the idea of the owner holding the financing. No down is required so this is an awesome situation for me (i think).
I would like to know, how I might go about cashing out some of the equity, to begin buying other properties.
If anyone can give me some advice on how this might be accomplished, I will be very greatful.
Chris
how much is th property worth. Also you have to find a lender who will let you cash out at hight loan to values with your credit score. I would need specifics to answer your question correctly
The property is worth 220K. The purchase price will be around 175K. My credit score w/transunion is 690.
Thanks for the reply bigdredd....
If you still looking to cash out on property give me a call.
Grant
410-872-4998
**Please See My Profile**
Hi dsershion,
Typically it is illegal across the board. The only way to know for sure is to contact your local County and City Hall for pertinent ordinances. Also, take a look at the Marketing Forum. A lot has been said about this topic there.