I purchased this property 6 months ago. It has been rented ever since. The property is in California. It would appraise for $65,500.00. I would like to take as much cash out as possible to replenish my savings. Preferably it would be a loan of some kind with a fixed interest rate. What are my options keeping in mind I have only owned it for 6 months, it is an investment property, and the loan/HELOC will be for way under 100k?
I paid cash for an investment property in CA. It’s now rented. What are my options to get cash out of it?
25
Mar
1 Comment
Posted in Uncategorized
Tags: Cash, investment, It’s, options, Paid, property, rented.
Glenn S
March 25, 2010 at 9:23 am
Since it is a rental property expect to pay around 7% interest (non-owner occupied) vs. around a interest rate 4.85 comforming conventional loan for owner occuptied. You should be able to get 70% of the appraised back in cash.
The first place I would check is Quicken Loans. They are a major direct lender and they have a website.