Refinance / Home Equity options in Jacksonville

5 Replies

Hello Folks,

I bought a foreclosure property last month in an A(/B+) suburb of JAX. THe house is 1987 build and I paid 65K for it. It was appraised for 70K without any rehab. I have put 20K in rehab (New Roof, HVAC, Flooring, Water Heater, Paint, Kitchen appliances and other updates). The house rents for $950 month.

I had paid 25% DP on a conventional mortgage. My total cash invested is 25%of 65K and 20K. What option do I have for getting the cash out at least 70% of the rehab amount?

This is an Investment Property. I have 1 Primary and 3 SFR (total 4) and a credit rating of 760+

Any feedback / help is appreciated.

Hey,

Home equity is the value of your house minus the mortgage and any other liabilities secured against your home. And if you need access to cash, borrowing against your home equity may have tax advantages and may offer a lower interest rate than other options. 

Depends on your cash position. What I mean is I wouldn't take the money out if I was in a strong cash position. I would buy the next property because cash flow is what I want. I don't like high leverage. Good luck.