I’m a newbie who finally decided to come out of long-term lurking.
I am purchasing my first rental property where the owner will finance for 50K. After signing the contract, he’s going to hand over the deed to the property. My question is, after I have the deed, should I obtain a HELOC or a new mortgage of 60K to pay him off and minor repairs? Are there other loan options for deeds?
The home is worth 90+. The assessed value states 122K on county property appraiser’s site.