Refinancing a hard money loan
I currently have a rental property that I've had a HML on for too long now. I can't seem to refinance because of my credit score. I've tried several lenders but have had no success. Ive heard of checking out private money lenders but it seems as though I run right back into HML's. I only owe $35,000 and would really appreciate someone pointing me in the right direction. I want to keep the property but the fees are eating me up. Not sure if I should just sell the property, pay off some debt so that my credit is up to par and then start over with rentals or what. Advice please!
Most Popular Reply
Kevin Raye buy & hold is ultimately where you want to be, but there's a right time for each strategy. Right now, ~$70k of Income and some debt reduction will go far to help your creditworthiness. Credit used wisely is a key to long term growth in REI.
Unless a good portion of what looks like equity, (because you didn't break down where the rest of the funding for the property came from) is debt to someone else - it looks like your best option is to sell and keep moving forward.