How to refi out of a BRRRR thats Seller Finance
Hey Everyone! I have a few seller finance deals that I am currently rehabing and was wondering if anyone had any creative ideas of pulling the renovation money out while still keeping the seller financing loan since they are 0-3% in place. Below is a general example.
Bought a house for 100K with majority of it being seller financed at 0% for 20 years. I dumped around 50K into the property and now is worth around 200-220K. I want to keep the property longterm since its a good rental and the interest rates unbeatable but I want to pull by 10K downpayment as well as renovation budget out of the property.
Has anyone ever had any sucess refinancing a portion of the home while still keeping seller financing in place? Or have any other creative strateges for pulling the money back out? Most lenders I spoke with said HELOCS are not an option since there is still a lien on the property.