`I bought my first park for around 575k which appraised for about 1.3 million. I’ve got about 100k into fixup so far and my down payment was 225k. I don’t think the bank will let take as much money as I want out on refinance. I was shooting for 300k out but I may only be able to pull out 150-200k. Is there any other avenue I can pursue such as a HELOC or other method? I’d like to pull out as much as possible to do a bigger park deal asap. I want to leverage the property as much as possible.
CONGRATS!!! Great work. On the university home page there is a boot camp interview where a gentleman from Georgia refinanced at 65% LTV. Have a listen.
chuckee,Lenders don’t want you want to pull out cash, so don’t. Instead - create a note and mortgage/T.D. to a ‘friendly’ company, record it, and when you go to refi, the new lender will need to know the payoff amount for all existing loans so they will be in first position.BTW, don’t make this friendly company/entity your Roth IRA. That’s self dealing.If that doesn’t work for you, PM me for other ways to pull out cash tax-free.Hope this helps,Mike