I've couple of rental properties, one of which is 45yrs old and has little equity ( I bought it a year ago). This property (3 bedrooms, 2 bath) has a sewer line (cast iron) break up under the foundation and I am planning to get a re-route the complete plumbing underneath. They gave me an estimate for 15k. I also have a 10 yr old property which has 30k equity in it. Should I get a HELOC on this newer property and get the repairs done or what you guys suggest. Any advice appreciated. Thanks
First I'd get at least three bids on a big job like this. I've had quotes for this job ranging from $4000 to $9000 for the same job.
$30K equity doesn't translate directly into how much you can borrow. You won't get to 100%. Not sure what's available right now and it will depend on whether its your residence or a rental.
0% credit cards.
Jon - thanks for the reply and yes, I've 2 more appointments tomorrow to get the estimates.
Wilson - Yes, I am leaning towards CC or p2p (lending club) but trying to explore all options.
Do you own a primary residence with equity? HELOCs are that property is probably going to be at a lower rate.
For this amount of money, I'd hit up the old Friends and Family network. Offer someone 6% and a reasonable payback period and someone will jump. If someone does, please, please put everything on paper :)
Aaron, thanks for the input.
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