How Do I Pull Money Out Of An Existing Rental?
Hi, i m pretty new to this. we have a property that i believe is worth a lot more than what we paid for it. it is going good as a rental. i dont want to sell it, but are there ways to get it appraised at todays value and then pull the difference out to buy more property? How do i go about this? Thanks for any help!
The first post has the options available to you. As you were warned, just know what the difference will cost you as to how much your cash flow is... It may worth it even after climbing high with little extra payments and come out with large return from the new investemnt. That way, you pay off your HELOC or whatever loan type you use....
To answer one of your question also. Yes, your existing property will be appraised to allow the lender see what it worth now against how much you need/can get
Good Luck
If you are using the money to purchase more properties, and of course if you buy correctly, then it is an obvious choice to me.
Cash out, buy more, build equity and value, repeat!
Cash out, buy more, build equity and value, repeat!
Take care,
[addsig]
This is fraud and the bank will not look kindly upon it. They will possibly foreclose on the property. Just live in the place for a year (or what ever the contract indicates) then rent it out.
You know you could always get a NOO loan for 100%. Plenty of them out there, but keep in mind you will pay a higher rate (but no money out of your pocket - at least not a down payment)
Not sure how your credit is, but this is done all this time. Just be sure to figure out you CF with the higher rate. After a year re-fi!
I checked out the AZ Tenant law and found a section that I think pertains to your situation, seems to indicate that after 10 days you can take some sort of action if am reading it right. Hope this helps :
http://www.azsos.gov/public_services/Publications/Residential_Landlord_Tenant_Act/2004/Landlord_Act.htm#1361
Your unit probably has a heat pump system. If the coolant levels fall too low, the air handler (ices) freezes up and no cool air circulates. After the air handler thaws, then you get cool air again until the air handler freezes.
There is a chance that there is a leak in the compressor coil or the coolant feed line to the air handler. If so, then the leak has to be located and repaired, or, the landlord my decide to replace the system.
Until the leak is repaired, the only quick fix is to keep recharging the system. If there is a leak, keeping the system charged until repair, may require several A/C service calls in a month.
thanx for the help......turnsout PM is unorganized ...not neccesarily neglegent
Good, glad to hear you got that worked out.