Updated about 4 years ago on . Most recent reply
Property in Rochester
I have had a long life goal of owning property. I am quitting my job in San Francisco and relocating to the east coast. I’m 27 years old and was able to get a hard money loan ( bartenders have a hard time getting a loan).
My plan was to fix and rent but it’s looking a little less like the plan as I had to do an 18 month with 9 percent interest and refinancing doesn’t seem like it will be an option. I bought the house for $120k and plan to put $25k updating it and seems like the comps are going for $220k +. Is there a way I could buy the house and refinance and hold? The problem is I’m quitting my job. ( I want to be on-site to make sure the work gets done. Why I quit. ) I decided to move forward with this deal because I felt I needed to act instead of talking about for the last 10 years.