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Updated over 4 years ago on . Most recent reply
Second mortgage on a rental
If I borrow money from a private lender to pay cash for a discounted property, can I go to a bank and get a second on the home to pay back the private lender? My thought is to do a lease option with the home for my exit strategy.
Example:
Purchase price: $75,000
Arv: $150,000
Repairs: $5,000
Rent: $850