Updated over 7 years ago on . Most recent reply
BRRR cash out refi with LLC
So i am looking for some suggestions on a property that i am debating on whether to keep as a rental or sell to build liquid. My wife and I purchased a duplex for 96k in NJ with each unit having 2 bedrooms and 1 bath. We put roughly 20k in renovations completely redoing one side and updating the electric service for both sides. Market rents for these units are $1200-1300 each and im leaning towards keeping this property but we are having extreme difficulty finding a bank that will cash out refi for an LLC. We have found one company so far but the rate is above 7% and its a variable interest rate loan with excessive fees. We purchased this property with hard money so time is running and we have the option to sell for 200k which would leave us with a profit of roughly 75k. Any suggestions or prior experiences would be greatly appreciated. Happy Holidays to everyone and thanks for your time.