Is it better to refinance or obtain a line of credit in order to fix a rental

  • Thread starter Thread starter Jimmy W
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Jimmy W

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property to sell? I have a duplex that I am wanting to sell but it needs about 15-20k of work in order to receive max money, I owe 106k, the city appraisal is 185k, is it better to refinance or line of credit to get the money needed...I want to sell this property by the end of the year...
 
If you are looking to sell quickly after the rehab, just get the line of credit. Refinancing is costly and is best done with property you plan to hold onto.
 
I think the letter of credit will be a cheaper way of doing it, if you feel comfortable that you will be able to repay it quickly. tba
 
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