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Updated over 7 years ago,

User Stats

30
Posts
16
Votes
Oliver Santiago
Pro Member
  • Frankfort, IL
16
Votes |
30
Posts

2 SFR paid in cash but can't get the equity

Oliver Santiago
Pro Member
  • Frankfort, IL
Posted

I wanted to ask the BP community on any suggestions on what to do to have my cash invested pulled out from my 2 SFR rentals that I paid for in cash. I purchased them about 1 year ago and both has tenants living in them. I have read to try the HELOC or refinancing it but my past credit history seems to hunt me back. I recently had filed for bankruptcy on 2011 and was finalized on 2012 (Chapter 7). I was recently approved and bought our primary residence last Aug 2016 and was excited that I was getting approved for a loan again but recently it seemed like the my bankruptcy is becoming an issue because it is a rental property that I was trying to refinance. Do you guys have any thoughts on what should I do? Do I need to wait more time and pay my bills to polish my credit? Your input will be much appreciated.

recent value (est) SFR 1 3/1 house$63,000

purchase price was $22,000

Rehab amount  $35,000 (cost was high because of the GC that I hired and was later fired) 

total money invested $57,000

rent $1240.00/month

recent value SFR 2 3/2 house $87,000

purchase price was $27,000

Rehab cost $23,000

rent $1400/month

  • Oliver Santiago
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