I bought a SFH cash in Chicago 12 months ago for 18k. I rehabbed (16k) the place and got it rented after about 2 months of rehab work. It’s cranking out $760 a month in rent after I take out for taxes, insurance and property manager fee. I can provide 10 months of rent receipts now and in 1.5 months I will have the full 12 months of receipts… This has been a solid deal and I am looking to replicate my success on a new property.
My credit is poor b/c I had 2 foreclosures on some horrible deals in late 09 and early 2010. What are my options as far as pulling cash ? HML? What’s a realistic rate? Can I deed it to someone with better credit and have them do a cash out refi? Is a HELOC a less cumbersome path? The place was listed with a realtor but has been down about 60 days. Does it need to be down longer? I’m not looking to retire off of this deal but I would love to be able to pull 60-70k out. Places are appraising for 100k in the area and I had it listed for 129k, just as an fyi. Let me know. Just curious. Thx