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Updated about 8 years ago on . Most recent reply

User Stats

41
Posts
1
Votes
Jose Reyes
  • Investor
  • Albany, NY
1
Votes |
41
Posts

Great news but still need expert opinion!!!!

Jose Reyes
  • Investor
  • Albany, NY
Posted

Great news, 

I got some great insight from a couple members on BiggerPockets. Thank you so much for all your help this site has brought me a lot of knowledge in a short amount of time. 

Originally and still I'm looking to get in contact with lenders and investor and talk about my two investment properties that I own free and clear.

Now, my goal for this discussion is to talk about the advise I got about how to locate funds to rehab my two properties.

I was told from a person that if I know someone who owns a property, I can ask them to  put a lien against the property for the amount I need to rehab (30k), then I could use that amount and get the property rehabbed to refinance..

Second option, I would find someone and ask them to take a home equity line out for the same amount of 30K, get the properties rehabbed and to refinancing.

My plan is to get my two properties habitable and to refinancing. Once the refinancing process is finalized I will return the amount borrowed plus interest. 

I know that asking for lien or home equity line could be risky and it isn't common, my plan right now is asking the people closest to me, but I want to know your opinions or other strategies I could use to complete these projects.

Thank you in advance for all your consideration. I'm looking forward to connecting anyone who see this feed!

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