I have a strategy, now someone tell me will it work.?
In the world of real estate, it seems like theirs always something else for you to learn right? So I have a quick question for anyone who might have some expertise in this area. My business has its niche in tax liens and deeds. I have been building up capital to buy deed properties from the state auction. I now have the funds but I want to make sure my exit strategy is solid.
Here's my question. If I purchase a property for let's say $30,000 at the deed auction for a property that has an current market value "as-is" of around $60,000 and an ARV of $100,000, will I be able to refinance and take my $30k back out to use for future deals with no problem?
These numbers may seem like a stretch, but it actually pretty accurately reflects the types of deals I'm looking at on a normal basis.
My complete exit strategy is to refinance, then rent out and hold for long term.
I appreciate any input and guidance. Thanks!