Updated almost 12 years ago on . Most recent reply
Need help/advice
Im still a newb to REI and have an unusual position but need some advice from more experienced investors. I bought a house free & clear in southeast MI last December and am currently rehabbing to get rent ready. Paid $5500 including taxes and closing costs but place is by no means a dump or anything its just in a low income city. ( Inkster Mi ) ARV I estimate to be $45-50,000.00. Due to a personal situation which could lead to another RE purchase I need to come up with 10-15K cash. Is there anyway I can borrow against future value or put a mortgage on the property for 70-80% of its current value? Any advice greatly appreciated, if it helps my credit score is 660-690.