Looking to further your real estate investing but not sure where to start? Consider pulling cash out of a current rental property. A cash-out refinance is when you replace your mortgage with a new loan for a higher amount. The difference in cash is yours, which gives you an edge on new investments. Here are all the ways we recommend using cash-out refinances to expand your wealth:
Renovate and up the value of the property you pull cash out of- For a newly renovated rental property with nice amenities, you can charge more rent.
Renovate and up the value of another property- Refinance that property and do it again.
Buy another investment property- Cover some of the costs of your next investment, including a down payment.
Finance your next flip- A cash-out refinance is a fantastic alternative to borrowing hard money for flippers.
Disclaimer: The information in this blog has been prepared solely for informational purposes. The contents are based upon or derived from information generally believed to be reliable although Visio Lending accepts no liability with regard to the user's reliance on it. For legal advice, please contact your counsel.