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Updated over 1 year ago,
Raising money on cash flowing Single family home
Here is the scenario:
My Rental property (SFH, used to be my PR 4 months back) is valued at 1 Million in North jersey
I have 480K debt on it with 2.6 % interest.
I am getting cash flow of 1100 $( may increase in future)
I moved to FL now and got another PR. Now i need some cash to pay 20 % down( its under-construction SFH)
I have option to either sell or keep it using some innovative strategies.
I would like to keep it and want to know if somehow i can raise money (need around 150k) from private investors and give them either some equity in the home(if it's possible?) OR give them preferred returns.
Refinance would increase my interest rate and not only it would eat the cash flow, i have to pay substantially more every month.
The whole point is if it's possible to keep this interest rate and get 150k out of this home?