Advice on buying house
Need advice:
HOUSE #1 - I own house valued at $300,00 and only owe $7,000. I rent rooms and garage apartment to traveling nurses totaling $4,200.
HOUSE #2- 5 BR , 3 Bath House on same street closer to hospital needing rehab. Price is $150,000 ARV $350,000 and up depending on market. I plan to hold and rent rooms
OWNERS: My next door neighbor. Have accepted offer of $150,000. They will accept $50,000 down, owner finance $100,000 for two years and close. They said they don’t want to get everything at once because of taxes.
ME- 68 yr old woman who has been investing in houses for 15 yrs. Eventually was able to buy last house with cash plus $15,000 owner financing. I now owe $7,000 on last house.
FINANCING IDEAS:
1. Refinance my house which seems to be the common scenario on BP. Will I get enough to buy and rehab house which will cost $150,000 to buy and $100,000 to rehab.
2. PRIVATE LENDER: Suggestions of private lender?
4. Hard Money: Of course this is an option but most require 20% down and I don’t have that much cash to put down
3. Utilize Reverse Mortgage $150,000 and private lender. I like the fact that I wouldn’t have a note with a RM but it won’t cover the rehab part
Thank you for any ideas or help with directing me to right loan company or person.
Janet Taylor