I bought a house all cash no mortgage what’s the next step?

[Shaniquea Fails]

I bought a house all cash last year. Unfortunately, I was in over my head at the time and hadn’t gotten the house tenant ready once the old tenants moved out. The house was a mess! This year although it is corona season I’m finishing up renovations and am prepared to rent out my property. My plan is to rent it out and put a mortgage on it.

My question is how do I put a mortgage on a property that is free and clear? Especially during this time. Also, is there any advice anyone has in order for me to begin scaling off of this property. I’m all in and ready to begin!

Thank you in advance.

Cleveland, OH Market

[Aaron Hollingshead]

Once you get it rented, I'd contact a local lender to see if you can get a "cash out refinance".  What's the value of the house?  If you got it all for cash in Ohio, I'm wondering if the overall value might be in the lower range - possibly making it challenging to refinance in a traditional way.  If so, you could consider talking to a local bank and seeing if they would offer a commercial lone, personal loan with the house as collateral or line of credit against the home.  Those rates won't likely be as competitive but they will give you cash in hand and possibly ease compared to a traditional bank.