I am in an interesting situation that I want some sound advice on.
For starters I own two single family investment properties and I am currently renting my residence now. Long story, but I work in an industry that has required me to move way too many times. I am now renting what is now a bank owned property. The bank is currently willing to extend my lease another 6 months due to the fact that they own several other homes on my street and want to get those sold before the boot me out.
My specific questions are the following:
Is the banks willingness to renew my lease an invitation, or plea for cash?
Given that I have two other homes and less than 20% to put a down payment on another house, I know getting a traditional mortgage is out of the question. Would private money be an option for me to go in and make a cash offer on this home if I can get it at below 70% LTV?
With my credit scores and available cash I should be able to refinance the property into a conventional loan in no less than 8 months. My exit strategy on the private money loan is to refinance and rent it out with positive cash flow when I do move again. In a nutshell I hate renting.
Thoughts? Comments? I appreciate the input.
Roger
