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Updated 12 months ago on 10/30/2024. Most recent reply

65
Posts: 29
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Lauren RuppertPoster

Rental Property Investor

Classifieds

Need money for renovation. Have two "no mortgage" properties. What are my options?

Lauren RuppertPoster

Rental Property Investor

Posted October 22, 2024 08:07

Okay, so I have a property that I want to renovate. I'm going to need about 60k-70k. I have two other properties with no mortgage that are cash flowing nicely. At this time, what is my best option for getting the cash I need?

Allentown, Pennsylvania

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Jay Hurst

Lender
Dallas, TX

Jay Hurst

Lender
Dallas, TX

Replied October 22, 2024 08:41

Quote from @Lauren Ruppert:

Okay, so I have a property that I want to renovate. I'm going to need about 60k-70k. I have two other properties with no mortgage that are cash flowing nicely. At this time, what is my best option for getting the cash I need?

A cash out loan is going to be cheaper then a hard money rehab loan in both interest rate and upfront costs. So I would suggest a cash out loan assuming you can qualify etc.