Finishing up small rehab - need suggestions on exit strategy

[Alex Porrett]

I'm finishing up a small single-family rehab and I'm looking to get my money out of the deal in order to put it into another deal. I'm also considering just selling it, but looking at these options first. 

Purchased $15,000

Rehab $16,000

Currently worth ~$45000

I own it free and clear with some CC debt on the rehab. Thoughts on doing a mortgage or HELOC? Suggestions on specific companies would help as well.

[Shera Gregory]

The good news is that with a value of $45k your all-in number is less than 70% LTV. But getting a loan for only $31k will mean finding a bank that's willing to do that. In my area most of the banks will only lend $50k or more but there is at least one that will go down to $35k. I would suggest callling the smaller local banks and credit unions in your area to speak with them about their loan requirements. Are you planning to do the financing in your own name or is the property already in an LLC? If in the LLC then you will need to speak with the commercial lending side of the bank. You could also try networking in your local area to find a private money lender who is willing to do longer term financing.