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Updated about 3 years ago, 12/05/2021
What type of loan, and where to find it?
My uncle is moving from his 100% owned house to assisted living. I made an offer to buy it from him for $140,000. Needs about $25,000 in rehab, and ARV is around $190-200,0000. Was planning on BRRRR. Rent in the area for similar size is $1500.
I own a home that is paid off, valued around $400,000. I want to cash out refinance to get the down payment and rehab money. Roughly $50k.
I'm new to real estate investing. So trying to figure things out, all advice is welcome.
So my question is; Is there a type of loan that would be best suited for this? or do I need 3 loans? A refi loan, a separate loan for the new property, and then a 3rd loan for the rental refinance? And which lenders should I talk to about all this? Are there specific lenders who are better suited for this plan?