Hello -
My situation is as follows:
I currently have most of my working capital tied up in ongoing projects/investments that have (greatly) appreciated since taking ownership. I have recently identified both a SFR and Duplex that I am interested in occupying, remodeling and selling.
I doubt there’s any way to purchase both properties, but either way, I will need a jumbo product as they are $495K & $550K respectively. My question is what approach would you recommend on such an acquisition? These properties are NOT in the state I currently live in, though I do plan to move into these fixers if purchased. The other tricky part is that I already own a second home in the area, so I don’t know if I could qualify for a loan as a primary residence? I could obviously sell one of the appreciated properties that I already own, but prefer not to do so. Since it would be a short term project (6-12mo), I’m looking for a creative way to finance it that would require the lowest down payment.
The perspective properties are in Colorado.
My credit >700.
I would be going stated income.
Any suggestions/info:
- Extending HELOC on other property to aquire these fixers?
- Construction loans?
- 95-100% Jumbo loans?
Thank you in advance for any help/insight/recommendations etc!