I bought 2 duplex last month and I plan to repair them before renting to A+ tenants. I need 20k to repair everything. What’s the best thing to do? Should I go HML? Anybody who can help?
Thanks!
that will be tough to do, seeing most if not all hml’s will want to be in first position and only up to 70% arv. is there room for you to do a line of credit and pull cash out on any mortgages you have?
How much equity do you have with your properties and what is your timeline for borrowing? You can get cash, if you have equity through a HELOC, or home equity loan or cash-out refi.
I put down more than 8k on each property. I wonder if I can pull that out even though I just bought it in Feb. 2006.
If you have good credit you should look into unsecured lines of credit.
Benefits-
not secured on any real estate
lends on credit score
Close in a week
interest rates comparable to HELOC’s and much lower than credit cards
Let me know if I could help you with this. If you need money you could have it within a week at a low cost.
Mark, I need your phone number.
THanks!
It should be attached to my signature now. If you can’t get me there try my cell phone