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Updated over 5 years ago on . Most recent reply

User Stats

18
Posts
3
Votes
Michael Almeida
  • Contractor
  • Fort Myers, FL
3
Votes |
18
Posts

Cash out Finance paid off remodeled condo

Michael Almeida
  • Contractor
  • Fort Myers, FL
Posted

I just bought a condo for $72,000 (appraised for $90,000)

I put $18k whole remodeling . I’m living it now , It worth $120-129k . I was wondering if the best option would cash out finance it and go to another deal and keep the condo as a rental or live in it paying the mortgage . Or Sell it . What’s the best option ? Would i be able to get financed since i just bought it ?

Most Popular Reply

Account Closed
  • Lender
  • Richmond, VA
10
Votes |
47
Posts
Account Closed
  • Lender
  • Richmond, VA
Replied

Getting it refinanced after just purchasing isn't the problem. In a situation like this, you'll want a private lending company, and they won't lend if you're living on/in the property.

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