HELOC or Cash Out Refinance Advice
I am looking for advice on a HELOC or cash out refinance options that may work on a recent flip house we completed. It is currently on the market and we are actively trying to sell it for $459K. However, we recently advertised it for rent and have gotten an overwhelming response. If we do decide to rent it, this is what the numbers would look like:
- Rental income of $1,950/month plus utilities
- Our monthly mortgage is $549.51
- We hold a mortgage of $161,750 at local bank
- We still owe back family members $142,788 in outstanding loans to get through renovations
- We have $68,368 in credit card debt
We would definitely be open to renting it, if we can pull out a lump some of money to pay back family and pay down credit cards. I know our debt to income ratio is already very high. My husband and I both work in education. Perhaps we could get a cosigner to qualify? We would also need to take it off the market for 30+ days before qualifying, correct?
Any help or guidance would be greatly appreciated. Thank you in advance!!