Equity
The difference between what your property is worth and what you owe on it. If a Memphis rental is worth $180,000 and you owe $120,000, you have $60,000 in equity. Equity builds through mortgage paydown and appreciation. It is real wealth but not liquid. You access it through a sale, refinance, or HELOC.
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We manage rental properties in Memphis and deal with this daily. Ask us directly.
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