Cashout Refinance in Macon GA w/Tenant Paying $1000/mth

[Dwayne Clarke]

Good day,

I trust all is well!  I need some advice please!  High level info below.....

- Purchased 1st investment property (3/1 SFH) with section 8 tenant that had been there for 1 year paying $555/mth rent in Dec 2021. Purchase price $53K cash, used LLC - Lesson learned with buying cash...killed my liquidity

- 11 months in ownership the tenant destroyed the property, stole all the appliances and even stole the interior door, then locked me out of the property.

- A year later I built up money for rehab (cash + busn credit card) - $30K - rehabbed the entire house, except the roof, windows and doors.

- Property now rented for $1000 per mth

- Current Value Estimates: Redfin - $114K, Trulia - $113K, Zillow: $113K; still doing research on comps because the area is hit and miss so last I saw was a projected $100K

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- Navy Federal Credit Union say they can do 65% of original purchase price in cash out refinance - $34K

- Hard-money lender offered $30K at 9.9% for 6 months as rehab loan, which I'd use to replace roof, windows, doors, and cutdown at few trees;  then cashout refi for 50% of the appraised value between 6 and 9 % depending on personal credit.

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The offer from Navy Federal wouldn't leave much for next deal after paying down business credit cards. Re: Hard money I've never done a hard money loan before so I'm being as thorough as possible.  The house is class C.

Any advice would be appreciated.  Thank you in advance!