Hello ,
I have a rehab property that i currently have on the market. What are my options as far as refinancing.
I have a 12mth interest only loan on it now for 68000, the property is appraised at 140000, my total money in to this is 102000 (that includes the loan,rehab, holding,etc). My plan is to fix and resell but i just what to hear other options. Can i get my money back out to buy anouther property if i hold and rent this one?
Thanks in advance to anyone who answers Nathan
It will be difficult to get refinanced since you currently have it on the market. Your max LTV on the cash-out will be 70%. Which puts you at 98K based on your estimated value.