2nd mortgage on Rental Property Possible?
I have two rental properties- one is a single family home I have owned for 7 years, the other a building with 4 apartments. I live in the apartment building, had to agree to that for the loan to work, so I ended up renting my previous house (the one I have owned for 7 years). So basically, both of my properties are considered rental/ commercial property.:confused: The apartment buidling I bought last year turned out to be in worse shape than I thought, I have blown through the $10,000 in savings I had on repairs in no time. Is there ANY WAY Possible to get a equity line/ 2nd loan/ or Something to get some cash out of these two houses? I have a little over $70,000 in equity (80% loan on each) in them. Everyone I have talked to has told me No,No,No since they are Commercial property. Any suggestions/ names/ companies that could help would be greatly appreciated. :)