Lots of Financing options.. none seem good
Purchasing 3rd Rental unit (50k 1br/1ba short sale)
own a rental house free and clear (about 100k), but plan on selling it in a year or two....
rental w/ 60% Loan-Value (190k-115k)
have about a 70% Loan-Value (243k-345k) on primary..
So I can't get 50k HELOC without going over 80%
Can't get HELOC on investment except Wells Fargo.. but high fees and cancel fees
Could do regular loan on rental, but hate to pay 2500 in fees when selling in a year or two...
Other Ideas?
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
Why not sell the free & clear rental now? Sales are slow, but rates are very low. I don't see anything happening in the next two years to make the situation better. Clearly taking a hit on the fees to mortgage this would not be a great choice.
Why not just a conventional loan on the new property?