Updated almost 3 years ago on . Most recent reply
Getting money to renovate rental that mom has a heloc on?
Good day my Good people. My problem is my mom has a HELOC on a property that is quick deeded to my wife. I am trying to figure out what do I need to do to get property transferred over to my LLC and cash out refi for renovations. The property is currently valued at about $220,000 and the HELOC balance is about $49,000. ARV is approximately $330,000 according to comps in the area. There is a current tenant there @ $1200/mo. I would like to transfer property to Short term rental or cooperate rental due to location and the amenities of the property. But if a tenant is needed to service the loan rent could increase to $2200/mo due to comps in the area and request that have already been made for that property. Is there a way to get this done, the amount of money I'm needing to cover the Heloc loan and cover the renovations is approximately $175,000. Thanks in advance for the advice