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Updated about 10 hours ago,
I need some assistance , Not sure what to do, need money from my equity
I’m looking for advice on the best way to access about $100k to pay off my 401k loan, credit card debt, and cover some rehab costs.
Here the information- I purchased 2 properties last year, 1 is a rental property that i had for about 8 months, the balance of the mortage is 170k, worth around 300k . The second is a rehab property that I purchased for myself, I purchased it out right for 100k. Money came from 50k of savings and 50k borrowed from a 401k account that I am paying myself back in 5 years with a payment of 1000 a month. With this property I racked up some credit card debt, around 20k and I need another 20k to pay contractors/supplies. The property will be worth 220 when complete. I’m considering doing a cash-out refinance, not sure what the best options is , to use the rental property or the rehab property. Dont know where to start any suggestions will be great thank you