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Updated over 5 years ago,

User Stats

48
Posts
61
Votes
Kevin O'Brien
  • -
61
Votes |
48
Posts

Cashing out of a rehab that was purchased in cash

Kevin O'Brien
  • -
Posted

Hello, 

I was wondering what would be the best option for getting my money out of a cash purchase. The property in mind is $65,000 and needs $15,000 in work. Once rehabbed the property would appraise for $125,000 and rent for $1300 a month ($600 profit per month after all costs with a mortgage of 70% of $125,000)  If I paid for this property in cash what would be my best option for turning the property into a 30-year loan? I want to be able to get at minimum my $80,000 that has been invested out and would like to do so immediately after work is completed. Thanks. 

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