Updated almost 2 years ago on . Most recent reply
Cash Out of Rental Properties or Construction Loan - Personal Residence
I have 3 SFHs on 1 parcel that I paid cash for and rehabbed with cash. I now need cash out to build a personal residence. Rentals are assessed by the county at $247k. They bring in $2700/month. I pay the utilities on one property (~$125/mo). Rentals are in Randolph County not far from Asheboro NC. I'm building in Oriental in Pamlico County, NC. $150k-175k to build, $300k value after build. FICO high 600s. Construction to permanent 30 yr financing of interest but I understand a loan against the rentals will be better interest rate. I've closed on the land and I'm ready to submit plans for approval.
Current residence is valued at about $240k with $160k loan. Not enough equity to get the money I need. I have another asset which would build this house but can't borrow against it yet.
Contact at d.slater1103 at Google email please.