Buy and Hold Woes in Inglewood

[Aaron Harris]

Hi,

I bought a home with my sibling about 4 years ago here in Inglewood, just a few months before they made the stadium announcement which has allowed the home to appreciate quite a bit. Unfortunately 2 years ago, we decided to refinance the home and make it a little bit more livable, new blinds, painting exterior/interior, gutters, flooring. This increased our monthly mortgage by $1k dollars, we used some of the money to supplement towards our mortgage each and kept our individual costs towards the mortgage relatively low about $800 each. Our mortgage is about $2300/month, now we are out of that cash and having to pay $1300 each which at this time isn't ideal. I'm considering a roommate to help supplement the mortgage but have a few many more renovations to correct, mainly the 2nd bathroom which the potential roommate would occupy and kitchen upgrade specifically replacing the 30's oven, I'm assuming this type of job would be +7k or more. I'm having the hardest time finding a legit site to post for a potential roommate and I need assistance finding a good contractor, I'm really just trying to get some feedback on what would be the smart economical decision to make when finances are stretched thin currently. Personal loan or equity line of credit? Any assistance would be helpful. My ultimate plan is to hold this home and rent it out down the line possibly in the next year or two years. Thanks again!