I recently bought a house that needed to be redone in every room. I got a decent price on it with lots of work needed. After the work is complete, I am trying to decide if I want to rent it or sell it. To sell, I would probably end up with about $25k profit after all expenses, holding costs and selling costs. If I keep and rent and refinance it after 6 months I could probably cash flow about $250 month but will be out of pocket around $17k if I get a 75% LTV refi. What is better to do or is it really a preference?
@Liz Teifer there are options for you to hold it and get 80% on it ifit'ss being rented out. Granted you still will be out of pocket, but the option does exist. But you are really not going to be out of pocket, the money is there in equity.
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