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Updated over 9 years ago,

User Stats

25
Posts
14
Votes
Alex Khojainov
  • Investor
  • Baltimore, MD
14
Votes |
25
Posts

How do I do a cash out refi/heloc/LOC on this house?

Alex Khojainov
  • Investor
  • Baltimore, MD
Posted

I have a 3/1 in West Baltimore that I bought on owner finance at 10% and had the wholesaler finance her fee as well.  I just repaid the wholesaler and can now refinance.  How do I get cash out of the property?  I bought the house when it was tax value appraised for 55K, then had it contested to 30K.  I gutted the whole thing, everything in the house is new.  Houses in the area with similar levels of rehab are selling for 50 - 75K.  I own $7500 on this house.

How do I get money of this house and drop the interest that I'm paying?

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