Can I Pull Money From A Rental
I now own a duplex and a condo as a rental both have 20% down on them. I bought the duplex with 20% down with a home equity line from my house. I want to buy more (got the fever) but I'm not sure if I can pull equity out of rental's. The condo is worth 115,000 I owe 78,000, the duplex is worth 255,000 I owe 190,000. Please advise. I would also ike to ball park % rates if I can do this.
Is it possible? Perhaps with more info I could tell you. Need to know your credit score and DTI.
Rate? Once again need credit score and DTI.
But the higer the LTV the higher the rate.
my fair issac is 770, my income is 130,000 my rent on the duplex is 1800 a month my loan amount with impound account is 1300, my condo loan is 575 with impound and my rent is 750, my home is 1400 a month i have only one other debt a car payment of 450. I hope that helps.
Sure you can. It is very common to use equity in your existing rentals to buy new ones. I have done it several times. In one instance they lent me the full amount and just put a lien on my rental for 20%. Another instance they gave me a loan for the 20% against my rentals. I would opt for the first one though. Hope this helps and good luck! 8-)
With those numbers you should not have a problem. Shop around at your local banks and present your self as a profesional. Try to talk to the commercial side of the bank.
But lenders are only going to count 75% of your rental income. This is to cover vacancies and repairs.