I need funds for 2 rental units
I presently own two rental properties without mortgage and have an existing tenant in one of them. I have a new construction in the works while the two rentals are in need of repairs. What can I do to leverage what I have to get funds to do the repairs on the 2 rental units? What about finishing the new construction and getting a HELOC? by xtang796 from Boulder, Colorado. Mar 10th 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
Talk to a local mortgage broker, but it would appear the most likely route would be to simply do a cash out refinance for the needed money again one of the mortgage free properties. I lend for properties in MN WI IA SD ND. Find me at JoeMetzler.com, Cambria Mortgage, NMLS 274132
James Crowder (JamesCrowder)
#58 ranked lender in Colorado - 34 contributions
There are many programs available for renovation/remodel projects. What may work best for you is a short-term loan to complete the project followed by a long-term fixed rate mortgage. You have described a situation that lenders will consider to be somewhat complicated. I will be happy to take your call so that I can understand your circumstances better and offer guidance.I have an office in Boulder and lend all over ColoradoJim Crowder. NMLS # 264780Crowder Mortgage Inc. CO MLO #100009863www.crowder.com. (303)817-3308 Mobilejim@crowder.com
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