you may need to save up and improve your credit, but it will be worth it!

Hi all,I own a single-fam worth $450K (owe $300K @ 3.5%) and a triplex worth $775K (still owe $318K @ 3.25%) in Scarborough ME.

Get some estimates on what it would cost to finish up and of course, figure out how much the ARV will be to see if it is worth what the contractors are charging.

Climate control NRSF is typically between 2-5 fpp; while the non climate control old outdated facilities make up the balance (7-10 fpp) and tip the scales well beyond the 7’ pp rule of thumb. 

Typically, if tenants need to vacate, the rent would be abated for that amount of time (just like a probate) until the time they are able to get back into the unit. 

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Is the return on the use of the funds worth that risk? 

Typically you want the debt with the property and putting that debt on your primary is generally a no-no unless its short term.If I were you I'd pull out 70% equity from the rental property, go find another house under market value to fix up and force appreciation. 

We typically average all the scores together to get one number. 

And there are other products in which the personal loan would need to be seasoned for x amount of months in a bank account (typically 2-3 months).