How can I get my money out of my rehabbed property to buy another?
I need my equity out to go on to the next project.
The obvious way to refinance investment properties is,
if you have equity in the property,
the property is leased, or sold on a land contract,
and you have a good credit score.
Apply for a loan with your finished rehabbed property as collateral.
Refinancing investment properties works best when you have enough rental income to cover the new mortgage!
Caution! Taking the equity out of the property, increases the payment, and reduced your monthly positive cash flow (passive income). Considering a standard 20% vacancy factor could put you into a negative cash flow.
Depending on your real estate investing plan...
Flipping houses: Sell the property to get your equity and profit to reinvest for your next rehab project.
Private lenders: To borrow money for your next project, or to borrow on equity of your finished rehabbed properties.
Real estate Investors: Partner with investors that need home remodeling completed on their investment properties.
If your a rehabber, rehabbing for investors can provide cash for your next project while keeping you active with your skilled trades.
Joe the Rehabber
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