Good day my Good people. My problem is my mom has a HELOC on a property that is quick deeded to my wife. I am trying to figure out what do I need to do to get property transferred over to my LLC and cash out refi for renovations. The property is currently valued at about $220,000 and the HELOC balance is about $49,000. ARV is approximately $330,000 according to comps in the area. There is a current tenant there @ $1200/mo. I would like to transfer property to Short term rental or cooperate rental due to location and the amenities of the property. But if a tenant is needed to service the loan rent could increase to $2200/mo due to comps in the area and request that have already been made for that property. Is there a way to get this done, the amount of money I'm needing to cover the Heloc loan and cover the renovations is approximately $175,000. Thanks in advance for the advice
This looks like an easy private money roll into a conventional mortgage scenario. At least thats the route I would take. Main question would be about the current lease? is tenant month to month? or is there another way to get in there to rehab while maintaining your lease with the tenant?