Refinancing your own house purchased all cash
Hey everyone,
I purchased a house for 70k, rehab cost was 40k and now it worth 180k based on nearby sales for past 6 month for similar houses.
I'm looking ways to get cash from bank on my property to buy few more houses, rehab and do it again. So far only option I found is Delayed Financing Exemption but I assume they will only give me 70k or even 70% from 70k I initially paid to purchase a house even if appraisal will come out to 180k..
What other options do I have? I'm looking to get at least 120k cash on this property refinanced to keep going. Please advice, I would greatly appreciated it!
Also I found a hard money loan guy who wants 13% per year with 1st year upfront plus $4200 commission, that's roughly 20k in fees.. that's too much for me.
Please advice
BIU