real estate investing group

What are my options in this rental housing?

I bought this house for 31k, 41k restored for my intention is to be appreciated and I hope it appraised for 170K. I take 80k once the house is refinanced and bought another house and rehabilitate it. a bank would have told me that getting 2 mortgages because 80k would be more than 20% of equity in the house. I plan to rent by 1150 a month, I'll take the low rent to my tenants want to be I have a management group of property and I want to refinance this house or do I need an open line of credit in this house in order to get money for future rehabilitation home? I form an LLC. Can I use real estate investment as the reason I am forming an LLC, outside the protection of my personal property? I just want buying and rehabilitating houses for now, whenever the time to take the money from the house they bought before to buy another. I hope that has not confused anyone.

You have many options with this property. However, it really depends on how much they examine how and how much capital you have in it. Refinancing option: You can refinance the existing mortgage (if applicable) up to 80% of the appraised value. By their example, if the property is valued at $ 170K, then can provide up to $ 136K. This process is slightly more complicated and may increase or decreae your loan rate. There will also be closing costs involved with this option. Home Equity Line of Credit option: You can have a HELOC to 90% of the appraised value. This will give you access to more capital and usually have minimal closing costs if any. However, the rate is higher than a traditional refinance HELOC. Also, the rate is variable, which may be a risk. Home Equity Loan: This is more or less like HELOC above, but you take up to 90% as a fixed rate loan. This type of mortgage has 2 lower rate than the credit line and the rates are fixed. Also with minimal closing costs, or null. If you need help with any type of housing and commercial loans, you can email me and I be happy to help and answer your questions. My email is in my profile. Good Luck!

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