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Nick, it’s probably a lot easier to get some relevant replies if you’re willing to post a few specific details, because they really matter with your specific situations.1. An experienced deal maker would always ask a) what you plan to do with the cash, and b) what is your deadline — or phrased differently, how little time would a deal maker have to devise a cash relief plan for you — to prevent whatever catastrophe is looming? (And I understand that some matters are highly embarrassing to post on any forum — and if that’s the case, you may want to request some off-forum help.) Both the deadline AND your intended use could help a deal maker a lot in devising a plan that could work for you … uniquely.
2. Since you asked about both free & clear properties as well as those with a mortgage, I’m guessing that you have multiple properties. So here are some basics you might starting with posting, for EACH property of interest:
a. State and relevant city that each property is either in, or nearest to.
b. Whether single family or multi-family (if the latter, how many units).
c. Age of the property.
d. Your estimate of current value (if you have one), and how you arrived at that figure.
e. Current rental revenue and expenses.
f. Mortgage balance and payments amount, plus number of payments remaining.
g. Whether you are interested in a cash extraction while retaining ownership on title, or interested in selling, or either.
Those beginning details give you a far better shot at attracting some skilled deal idea people’s replies, specific to your unique situation(s) and location.
Here’s wishing you the best of possible outcomes.
–Dee
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Instead of pulling cash out of the equity of a house, it would be MUCH faster to do a wholesale flip or a Highest Bidder Sale for fast cash.
You don’t ever want to treat your rental properties as an ATM machine. The objective with any rental property is to get the tenant to pay it off for you as fast as possible. When you get excess cash, use it to pay down any debt on your rentals so you can get to free and clear as fast as possible. A free and clear rental produces a LOT of cash flow. Cash Flow is what will replace your income from a job and support your lifestyle forever.
Do not pull cash out of a rental. Do some other deals instead.
Instead of pulling cash out of the equity of a house, it would be MUCH faster to do a wholesale flip or a Highest Bidder Sale for fast cash.
You don’t ever want to treat your rental properties as an ATM machine. The objective with any rental property is to get the tenant to pay it off for you as fast as possible. When you get excess cash, use it to pay down any debt on your rentals so you can get to free and clear as fast as possible. A free and clear rental produces a LOT of cash flow. Cash Flow is what will replace your income from a job and support your lifestyle forever.
Do not pull cash out of a rental. Do some other deals instead.
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