Updated almost 6 years ago on . Most recent reply
Real Estate Crossroad
Good Afternoon BP Community
I'm trying to figure out the best way to move forward in my real estate investing.
I recently inherited a property that still has a mortgage on it of about 50k, estimated value around 150k. It has significant sentimental value so selling or renting it is out of the question. I also have two other SF properties, one valued around 45k and the other 30k, both owned with no mortgage or refinance. The house valued at 30k has a ADU in the back that needs 20k rehab. I have an opportunity to purchase another home valued around 40k for 28k from a family member. I have a fair credit of 650, what do you seasoned investors think the best way to proceed? HELOC, Refinance, portfolio loans? Rehab loan, hard money? I feel like I'm missing something that could make this situation easier for me. I have 10k in cash and can scramble up another 5k in private money if need be.
My RE strategy is buy and hold, I haven't done any flips. I come from a real estate family, I always had to cut grass, install locks but I have to manage the business side and I'm looking all the advice I can get.