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Old 02-22-2015, 12:36 PM
 
Location: SoCal
657 posts, read 2,321,553 times
Reputation: 435

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Hi all .. looking to get some knowledge on what type of product/process is out there to help me out in my situation.

I have quite a bit of equity in a rental property that I own. I'm currently in the market for purchasing a primary residence but am finding there are little to no homes available in my current price range that fit our needs. In order to keep my monthly payments managable and to find a good home, I need to go to a higher selling price, but I will need more $$ to put down in order to keep my monthly payments to comfortable levels. We can't buy a lower price fixer upper because it needs to be turnkey and move-in ready due to our own personal time constraints ... ie. need to move out yesterday and quick (will not get into that in this thread)

Is there any product out there that will allow me to take equity out of my rental property so that I can add that amount to my downpayment for a more expensive primary residence?

Here are the particulars:
Currently looking for a home in the $400k-$500k price range. Currently have upto $100k to put down.

I have $100k in equity in my rental property, so hoping that I can take some of that equity out (not necessarily all so that I can still have postive cashflow if I refinance) in order to to go a higher priced home and still keep my monthly payments at the same amount as the $400k-$500k with $100 down loan.

Not sure if I'm making myself clear on the situation so I do apoligize in advance, please let me know what is not clear and I can try to clarify further.
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Old 02-22-2015, 06:58 PM
 
Location: Southern California
4,350 posts, read 4,944,071 times
Reputation: 2129
Yes, but cashing out on a rental is more costly.
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Old 02-22-2015, 07:01 PM
 
2,193 posts, read 1,543,951 times
Reputation: 2055
Quote:
Originally Posted by mricu View Post
Hi all .. looking to get some knowledge on what type of product/process is out there to help me out in my situation.

I have quite a bit of equity in a rental property that I own. I'm currently in the market for purchasing a primary residence but am finding there are little to no homes available in my current price range that fit our needs. In order to keep my monthly payments managable and to find a good home, I need to go to a higher selling price, but I will need more $$ to put down in order to keep my monthly payments to comfortable levels. We can't buy a lower price fixer upper because it needs to be turnkey and move-in ready due to our own personal time constraints ... ie. need to move out yesterday and quick (will not get into that in this thread)

Is there any product out there that will allow me to take equity out of my rental property so that I can add that amount to my downpayment for a more expensive primary residence?

Here are the particulars:
Currently looking for a home in the $400k-$500k price range. Currently have upto $100k to put down.

I have $100k in equity in my rental property, so hoping that I can take some of that equity out (not necessarily all so that I can still have postive cashflow if I refinance) in order to to go a higher priced home and still keep my monthly payments at the same amount as the $400k-$500k with $100 down loan.

Not sure if I'm making myself clear on the situation so I do apoligize in advance, please let me know what is not clear and I can try to clarify further.
I know Citibank has a equity loan call, Home Equity Loan. There's different way of getting about how much you can get for the loan base on your property location and the value of the property that they assess. Hope this help.
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