Cash Out Refi Inquiry
Good Evening Ladies and Gents!
First time poster, thanks in advance for the assistance!
I recently completed my first flip in Anderson, IN and made a modest return. Looking back on the deal, tho, I think it would have made for an amazing buy-and-hold investment. Being relatively new to the REI game, I was hoping I could lean on one of you knowledgeable and savvy investors for some advice.
I have a private investor who is willing to finance the entire costs of my rehabs, this includes the purchase price of the property, for a very attractive annualized return. He is paid interest monthly on the principal and then paid in full once the property is sold. On my next investment, I would like to personally hold onto the property as a rental - If the numbers make sense of course.
The properties will be bought under my LLC, House to Home Rehab, and then rehabbed and if I do my due diligence, I should have at least 20-25% sweat equity built into the property once completed. My question is, how would you suggest I go about pulling the money out of the property to pay off my private investor for the original loan?
Again, thank you in advance for your assistance and advice!
Chris