I received my house through a quit-claim deed after a family member passed away. There was no probate of the estate done but I do have an heirship affidavit along with an affidavit for the quit-claim deed. You look up the property with the state, I am the owner. I have all the legal and state paperwork showing myself as the owner of the property. My friends over at Navy federal CU have dragged the HELOC process out for over 5 months now as I have consistently been given misinformation as to what would be needed on my part to close the HELOC. I was told the heirship affidavit was the last thing I would need for the title company to insure the title to the property. This morning I received an email stating the the title company will not insure the property with the heirship affidavit ( keep in mind, my processor was informed multiple times there was no probate of the estate because the state did not require it when we went through the legal process.)
I am looking for advice/direction on what steps I should take next. I was planning on using the BRRRR strategy for my first 5-10 rentals and I want to keep this property as it will have a ROI of 15%+ after the first year, as well as a ARV of $110,000+ (low side) after putting in $30k in repairs ($5k buffer) and I paid $0 for the property. So I am blessed to be able to have this opportunity starting out and really want to get started on this property.
Does anyone have advice as far as financing the remodel?
I understand my options, just want to hear what you all believe would be the best approach from here and if you could recommend any reputable companies in the Indianapolis area to work with. Ive been with NFCU for 6 years and believe I just ended up with a disorganized processor/project manager and decided to close out my application this morning.
Are you local to indianapolis?
Do you have the time to manage all of those BRRRR projects or do you have a full time job?
Do you have the capital required to do the BRRRR strategy?
To finance the remodel the best option you have is to use your cash. Hard money typically has points minimums and you would end up saying 5-10% in just points to get funds for the remodel.