Updated about 5 years ago on . Most recent reply
creative financing for rentals
I am in the process of buying 3 rental houses. These are currently under contract and pending financing. This is a package deal for $130,000. My estimated value for the 3 homes is $220,000 once a $40,000-$45,000 remodel is complete. My question is should I refinance all of these once the remodel is complete and pay off my line of credit. I was considering flipping one house as it does not meet my 3 bedroom criteria. I could use the proceeds to pay down my loans and payoff the line of credit. My goals are buy and hold for long term. This is my second deal.
House 1- rents for $850 a month- buying for $60,000
House 2- rents for $700 a month- buying for $40,000
House 3- Is in need of a $30,000 remodel. Will rent for $800-$850 once remodeled. - buying for $30,000