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Updated almost 2 years ago on . Most recent reply
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Cash out question
We are working on closing a deal on our second property. This has been a roller coaster ride thus far. We are getting the home from a friend. Purchase price $100,000. They have allowed us to go in and rehab prior to closing. Home appraised for $160k prior to rehab. We have spent about $15k in expenses not to mention our sweat equity. Question to the community, as we approach closing I expect the reappraisal to be $170'-180's. I am wondering how to cash out in the best way. I don't know about getting $30k out. I also thought about raising purchase price and asking seller (friend) about cutting closing check for $30k for rehab cost, improvement, and materials. Thanks community!!!!