Just got done renovating property in Philadelphia was going to put in the market but was advised to keep it a while longer and rent out and refi I have a tenant in there already but don’t have the w-2 for a conventional refi title is free and clear was advised to try private lending. Should I try private lender or just put it on the market want to use the money to invest in other properties
Private money would likely be too expensive and wipe out any cash flow.
I agree with @Greg Dickerson - private money is usually expensive.
Check out a few local credit unions and see what they'll offer - no harm in asking.
If you own this fee and clear, there should be a lender willing to lend at least 50% LTV so long as the rents would support the payment of that debt. Regardless of your own personal income, the income from the investment would be applied and if supported, you should be able to pull some out.
Depending on how many other properties those funds could be used for, flipping it could also be beneficial to you. Without knowing all the details, it is hard to say so I suggest you sit down with your CPA and discuss this.
Nobody can answer this without knowing what the property is, where it's located, it's value and the current rents.
Finding a lender that would let you refinance and would give you 70% of the equity would be fairly easy. Plus, you would save transfer tax and defer capital gains tax.
@Bill Rich do you have any professional advice here?
@Joe White thank you for the mention! Yes there are several loan programs that you could look at @Bagg Musik that would simply qualify you off of the rents of the property and not look at your personal income. As @Brian Garrett mentioned the property details are going to ultimately dictate what can or cannot be done though. [Solicitation Removed by Moderators]