I seller financed my first deal and put a lot of cash down. I’d like to pull out my entire down payment. Can someone explain how this process works and how to best approach it?
You’ll need to take-out the seller’s note. No bank will lend subordinate to that. So you’ll need to have enough equity to borrow from a bank and pay off the seller and then hopefully still have enough left over to pay yourself back your down payment. Find the lender first, then let them arrange the appraisal, Phase 1, etc. (all of which you’ll have to pay for). It’ll take 60 - 90 days.You’ll most likely need to deal with local banks unless you are looking to pull out $1.0mm+.To your continued success,-jl-