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Updated over 5 years ago on . Most recent reply
Would you refinance a 0% interest loan to get equity out?
Price: 75K, Repairs: 30K, ARV 130K
Hi! Owner is willing to finance inherited home at 0% interest with 10K down but it needs about 30K in rehab. What are some strategies I can use to make this a long term buy and hold rental? If I BRRRR this deal I can only get some of my money back and I lose the 0% interest loan. Any suggestions on a better strategy?
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John Underwood
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John Underwood
#1 Short-Term & Vacation Rental Discussions Contributor
Pro Member
#1 Short-Term & Vacation Rental Discussions Contributor
- Investor
- Greer, SC
Instead of doing a refi on a 0% loan, why not look at a HELOC to get some additional funds.
You could also ask to defer making payments for 6 month to the owner to get through the rehab. You could offer him a bonus on the back end when you sell for a smaller down payment.