getting cash out, 4plex - Posted by Neal-FL

Real Estate Investing Real Estate Financing
#1

Posted by Ed Garcia on January 13, 2001 at 22:50:42:

Neal,

You’ve got good credit, and you’ve owned the property for 8 years. Neal I can’t believe your having a problem getting a loan for at least $25,000. I think you’re going to the wrong places. From the standpoint of credit, you should be able to get a loan. There is something else that is preventing you from getting a loan. It could be income. Neal, you should be able to go to the bank and get a personal loan for $25,000 if everything else is in line. I’m sorry, but I need to know more about you and your circumstances, such as debt ratios etc. I need more info.

Ed Garcia

#2

getting cash out, 4plex - Posted by Neal-FL

Posted by Neal-FL on January 12, 2001 at 23:25:44:

Appreciate “you all” that participate in this fine website ! Would like feedback, any insight appreciated.

Have 4-plex, last appraisal 126,00. Pmm balance 70,000. Good rental,gross 1500 per month. Credit score 686.

I would like to get 25-30k out. My bank 65-70max ltv non- owner occupied (new 1st). Cannot do 2nd. Made few calls, seems banks are not to eager to give 2nds on rental property.

I would like to keep pmm(assumable) and get 2nd for 25k, seems hard to get 2nd, told because pmm not reported on profile, harder to do 2nd ? Have owned property 8years.
Any info on best way to get some cash out ?

Thanks for assistance and continued success. Carpe Diem !