Financing Strategy SFR

[Account Closed]

Your story and goals: Looking to help a family member by buying their home (cash) and rent and/or sell.

Type of property: Single family home.

Location of property: Medford, Oregon.

Purpose of financing: Cash purchase but unsure best way to refinance (conventional vs. LOC).  Please advise!

Type of financing sought: Refinance via conventional loan or LOC.

Current or prior ownership of real estate: Currently own my primary home and a commercial property.

Occupancy: family member and rental once moved out.

Value of property at present and/or your offer price: $310,000

After repair value: $310,000

Anticipated or actual appraisal issues: no.

Current rents per month: $0

Fair market rents per month: $1500

Down payment or equity: $90k to acquire (cash), then seek to either refi into a conventional loan for $100k or just do a LOC.

Source of down payment funds, if applicable: own funds.

Income Source: Salaried/hourly W2 and rental income.

Monthly debt obligations appearing on credit report, plus (if applicable) personal rent and alimony/child support/etc: $1200

FICO: Excellent/good (average around 800)

Credit issues: No.