I Need Advice On Multi Family Investments
hello,
i am based in fort lauderdale, 10 years ago i bought a triplex in a nice place not far from beach or downtown, anyhow i remodeled it and put in a pool and live in the bigger part and let the other two apts pay my mortgage, it has been an excelent ride,
here is the dilema, not only have the rents gone up by 40% but the building that i bought for 150k is now worth 560k,
i want to expand and buy more properties more north of me but i would have to sell my house to get the benefit of all the cash, and now i need a place to live at that, since i am a contractor i dont have to worry about work,
my question to u is "what would you do"
thank you -
all input is greatly appreciated
because i am only one brain,
I would sell and use the extra cash for further investments.
sell out for top dollar and start building and selling.....
Depending on if you want to keep the property, you can try this. Do a cash out refinance. You get anywhere from 60% (very conservatively) perhaps up to 90/95% (depending on the rate and term). Your talking about getting $200-$400K out of your property. That is something to work with. This will of course be dependent on your credit and the majority of lenders limit cash out to a dollar amount. A few lenders I know of allow unlimited cash out up to 75%, which would still be about 235K +/-. If you are interested in learning more, email me and I will provide you additional information. These programs Additionally, the majority of lenders have a good amount of restrictions on higher loan values as well.
Phil
Make sure to do a 1031 tax exchange to have more money to buy more property/units.
Refi and hold you should know the area
invest slowly with the same mind you purchased
your home. Good luck!
Quote:
On 2003-10-05 20:37, Pherrejon wrote:
Depending on if you want to keep the property, you can try this. Do a cash out refinance. You get anywhere from 60% (very conservatively) perhaps up to 90/95% (depending on the rate and term). Your talking about getting $200-$400K out of your property. That is something to work with. This will of course be dependent on your credit and the majority of lenders limit cash out to a dollar amount. A few lenders I know of allow unlimited cash out up to 75%, which would still be about 235K +/-. If you are interested in learning more, email me and I will provide you additional information. These programs Additionally, the majority of lenders have a good amount of restrictions on higher loan values as well.
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<BR>Phil
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Just my 2 cents...IF you DO do a refi...do it BEFORE you move out. I believe you will get a MUCH better rate.