Updated almost 2 years ago on . Most recent reply
#3 General Landlording & Rental Properties Contributor
- Rental Property Investor
- Elmira NY
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Cash Out on 90-100k property
#3 General Landlording & Rental Properties Contributor
- Rental Property Investor
- Elmira NY
I own a property that I bought for $55,000 in cash and put another $25,000 into fixing up. I believe it will appraise between $90,000 - $100,000. I bought it outright and don't owe any money on it. I would like to get as much of that cash out as possible to recoup what I have put in to it. It is owned in an LLC and I have a high credit score.
Looking for any suggestions on how I should get the money out. Some say LOC, or cash out refi but the under 100k appraisal possability is one road block. High fees for DSCR Loans and such is another possible road block. Have owned for almost 4 months for possible seasoning issues.
Any thoughts or contacts would be greatly appreciated!
Most Popular Reply
Jamie,
You own it No mortgage so you cna take out 80% LTV and you can avoid DSCR is you use Portfolio/Delayed Financing. This option requires to look at income, W2, paystubs etc but you also have DSCR as a fail safe if you are self employed and do not show positive income.
DSCR is for those who do not show any or enough income so that the bank only looks at the rents to qualify.