Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 7 years ago,
2 SFR paid in cash but can't get the equity
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