Loan options for SFH in Worcester, MA
Hello everyone, I had a question on financing for a SFH:
I will be purchasing a SFH from my parents for 160k. The house is worth 240k from our last appraisal in February when my parents had bought out the beneficiaries of my grandparent's house, and left their 80k into the house as equity.
It is currently rented to the same renters over the last 12 years. We raised the rent to $1500 that starts August 1st of this year and on a 12 month lease. My parents got a 30-year loan with very little money down, but all local banks that I have been calling are offering ARM deals. I have yet to do an ARM for financing, but I'm wondering if I should be looking at a 7/1 ARM financing or 30 year loans?
The plan is to immediately take the equity and get a HELOC on the property in order to do rehabs on some other properties, if that's possible.
I'll continue calling local banks to see what they offer but I wanted to shoot a description of the deal here in case anyone had their alerts set up!
Any info is greatly appreciated. Thanks!