Land Contract: BRRRR Options for payoff / cashout ?
Back in May I put a SFH under land contract as an investment property (rental). I would like to do a payoff asap. I am also unsure of my options for this.
Here are the details of the property:
Purchase Price: $85,500
Dwn Payment: $40,000
Property Appraised Value: $115,000
Property put on LC May 15th 2020.
1. Can I take out a mortgage on this property for the amount owed on the LC so I can do a payoff?
2. Could I take out more then what is owed on the LC to use for payoff and down payment on a future property?