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Updated about 5 years ago,
Looking for advice on financing options to cover rehab
I have a rental property currently leased through May 2021 with about $60,000 in equity.
I have my personal home that is in desperate need of an upgrade. Purchased foreclosed property. Was using savings/credit cards...etc to fix it up. Now the items that need done are larger, i.e, siding, roof, windows, electric upgrade. etc.etc.
The second home current appraisal $150,000, balance 128,000. After rehab value could be in the range of $400,000 based on recent sales of other rehabbed homes in the area.
Just not real sure which way to go from here. I am sure I didn't include some information I should have. Please ask questions. I could really use some guidance on what to do.
Thank you in advance for your help