C o n f u c i a n
New member
...a home? Recently closed on a home for $20,000 (terrible condition)
Put in $10,000 in renovations (practically a brand new home now)
My guesstimate is the house is worth between $65,000 and $100,000 in today's market
I want to 'refinance' so that I can pay off this mortgage and use the extra money to purchase another house for approximately the same price including renovations and I want to rent out the second house. I would get around $1,000 to $1,200 per month off the rental of a similar home...
Is it possible to take a new home equity loan so soon? Are they stricter on refinancing? What would I have to be careful with? Any experiences?
Thanks for all answers!
Put in $10,000 in renovations (practically a brand new home now)
My guesstimate is the house is worth between $65,000 and $100,000 in today's market
I want to 'refinance' so that I can pay off this mortgage and use the extra money to purchase another house for approximately the same price including renovations and I want to rent out the second house. I would get around $1,000 to $1,200 per month off the rental of a similar home...
Is it possible to take a new home equity loan so soon? Are they stricter on refinancing? What would I have to be careful with? Any experiences?
Thanks for all answers!