What to do

[Chris Sukala]

Ok so we bought our 2nd SFR 2/1 dec31 2014. We bought it for 30k for cash and we put approx. 25k into it. I waited a full year to get an appraisal done. It came in at 74500. Bank will give us 70% so approx 52k. Ok so we owe about 20k from remod and looking at buying a turnkey for around 50k, they want 60k. It's a for sale by owner but asking for cash buyers only. I haven't contacted them yet waiting to get our money in hand. Option 1: pay off 20k remod and wait to build up more cash to buy additional SFR but could lose out. Option 2: take full 50k purchase, if they will accept offer,then refi that one to pay off the 20k remod from second SFR. Granted only get 70% of sale price but should be enough to clear all debt off of myself and rentals will pay for each other. Option 3: pay off 20k take 32k from refi and empty out our cash reserves to buy home. Option 4 once I receive cash call them and if it's still available see if they are willing to sell us with 32k down and finance the 18k Thoughts?