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Taking Equity From Rental Properties

Having a dispute with a tenant or landlord? Rental Law discussion

Taking Equity From Rental Properties

Postby WyIfrid » Sat Dec 03, 2016 6:40 am

s About Taxes)/Taking equity from rental properties Advertisement Expert: John Stancil, CPA - 5/13/2008 I currently have two rental properties in Maryland.  One is paid for and the equity is probably about $100K.  The other I have about $150K equity but we still have a mortgage for about $100K.  They are both currently rented.  My husband is going to work in GA and we wanted to buy a house.  I do not have a job there yet but are planning on working. Is it possible to refinance a rental property to get a down payment or purchase price of a home in GA?  We would plan to have this as our primary home. Is there a benefit to taking a second mortgage or home equity on either of the rental properties?  We would like to keep both MD homes if possible as one is paid for and the other we have about 10 more years to pay on it.  If it matters, my husband was working in Germany so we've lived here for about 4 years.

Thanks in advance
WyIfrid
 
Posts: 44
Joined: Sun Feb 16, 2014 1:08 pm

Taking Equity From Rental Properties

Postby Fulbert » Sat Dec 03, 2016 6:48 pm

s About Taxes)/Taking equity from rental properties Advertisement Expert: John Stancil, CPA - 5/13/2008 I currently have two rental properties in Maryland.  One is paid for and the equity is probably about $100K.  The other I have about $150K equity but we still have a mortgage for about $100K.  They are both currently rented.  My husband is going to work in GA and we wanted to buy a house.  I do not have a job there yet but are planning on working. Is it possible to refinance a rental property to get a down payment or purchase price of a home in GA?  We would plan to have this as our primary home. Is there a benefit to taking a second mortgage or home equity on either of the rental properties?  We would like to keep both MD homes if possible as one is paid for and the other we have about 10 more years to pay on it.  If it matters, my husband was working in Germany so we've lived here for about 4 years.

Thanks in advance
Fulbert
 
Posts: 55
Joined: Mon Jan 13, 2014 5:32 am

Taking Equity From Rental Properties

Postby Mayer » Mon Dec 05, 2016 1:45 pm

Chris,

Thanks for your question.

If you can get the lender to make a loan, it can be done. Seconds or HELOCs will carry a higher interest rate than a first mortgage.  It would really be a matter to discuss with the lender and see what he has that is most advantageous to you.

Hope this helps.

John Stancil, CPA
Mayer
 
Posts: 37
Joined: Sat Mar 29, 2014 6:14 am


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