Paying Back Private Investment Loan From Parents
I am interested in buying a 4 family which recently came on the market about a week ago that is bank owned and is listed for $30,000. Because I recently bought my first multifamily about a year ago, my debt-to-income ratio is still high to obtain a another mortgage loan, the equity in the property is not there yet, and I still don't have two years worth of rental income to use towards extra income. So I was thinking of asking my parents to provide me with the lending for the $30,000 so that I can buy the house outright. My next step would be to have to pay them back afterwards. My question is what would my options be for after obtaining the house to be able to tap into the equity of the 4 family house that I just purchased outright to be able to pay my parents back the $30,000 that they borrowed me? A ballpark estimate of the house value would be about $90,000. Any help would be appreciated. I am based in Ohio.