How to tackle these personal loans?
Hello BP community! Hope somebody could enlighten me with my situation. I purchased these properties with personal loans. My question is, how should I tackle these loans?
The values of the loans are as follows:
A. 35K 10% APR (monthly $745) 5 year loan
Property ARV 60K
Rehab 15K
Monthly Rent of $750
B. 40K 8% APR (monthly $786) 7 year loan
ARV 60K
Rehab 5K
Monthly Rent of $800
Won't these loans affect my refinancing options? And what are my refinancing options in the first place?
Any opinions/ suggestions/ criticisms will be appreciated.
Thank you again BP community!!!