Article by: Admin
We asked our resident advisor and fellow real estate investor this question, here was the response:
"If you own more than one property with significant equity or free and clear (no debt), keeping one with a line of credit would be my advice. That way you have the flexibility to draw on the funds when you need it and pay it back down when you don’t. The challenge will be finding a bank that can do a line of credit on an investment property. I had to go through a dozen banks to find one that offered a line against a rental property. A HELOC on your primary home is a lot easier but I personally don't like the idea of putting my home at risk when investing. For the others you can do a cash-out refinance. Conventional rates are exceptional right now and something to be considered if it's an option. However of you run into an income cap where you don't qualify or simply prefer to keep your portfolio in an LLC, then hard money loans / investment loans are the way to go." - John S.
For cash-out refinancing, LendingDeck offers both short term (12 month) cash-out refinance loans and long-term (30-year) rental loans. No personal income is required to qualify.