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Updated almost 6 years ago, 02/04/2019

User Stats

18
Posts
1
Votes
Brad Swaney
  • Investor
  • Lima, OH
1
Votes |
18
Posts

Mortgage questions and refinance questions. Help!!!!

Brad Swaney
  • Investor
  • Lima, OH
Posted

Found a deal that needs to be closed before I can get financing lined up.   Looking for advice.  I will give yeah my current details.  

Deal:  Purchase price of $45,000. 

Option 1? I am in a position to close quickly where I could use $30,000 home equity and have another $15,000 provided by private lender. Although I would probably need to use cash from Roth IRA to fix the place up. Question is once the place is fixed up how long would I need to wait to refinance and pull my money back out?

Also any other options that would be better? 

Rental Portfolio

House #1 I owe $9,500 on mortgage (conventional loan 15 year) and have a $30,000 home equity loan open on it.   Value $75,000

House #2 I owe $13,000 on mortgage (private loan).   Value $70,000

Condo #1 I owe $15,000 on mortgage (private loan).  Value $30,000

Condo #2 I owe $25,000 on mortgage (5 year fixed rate then variable after that)  Value $38,000

401k don't really want to use as I understand there will be penalty. 

Roth IRA can use cash I have put in without a penalty.

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