Need to Refinance a Private Mortgage
I have a 3 Bedroom 2 Bath Home in Louisiana rented for $850 per month. The property was appraised in December of 2014 for $70,000 and has a $35,000 mortgage balance.
The property is on an excess amount of land, that I would like to build 4 more 3 Bedroom units. I need $35,000 pay off of private mortgage, and refinance for $56,000, allowing $20,000 cash out to start development. Your investment secured by this real estate will result in above average returns from an over $300,000 multi-family rental property and 5 times the rental income or $4,250 per month
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