JBJR1
1
Can I use a HML for a property that i own but have to major ($45k) rehab it?
Heres the scenerio:
Own a triplex and a duplex,
Triplex 3/4 finished ($5k remaining)rehab, 115k Mortgage, AVR= 220K
Duplex needs $45K rehab, mortgage $51K, HELOC $103K ARV= $225K.
How do i get the $45K?
HML against the duplex?
I have already been turned down for a couple heloc on the duplex, big banks etc,
Fico is 653, nina preferred of course.
Well you do have alot of option you could get HML or you can get cashout refi loan if you have owned the proerties for 6mo +
You can cross collateralize both properties with HML to get the money
You can get a new loan on both properties or one loan on the duplex
You can get a HELOC on you personal property as a last resort and wait 12m and then do a CO REFI on the properties and get your money back
What sounds good to you?