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#449222 - 12/04/15 03:50 AM finance question
dawnie Offline
Junior Member

Registered: 12/04/15
Posts: 2
Loc: NY
Hi I'm hoping someone can give me a little advice. Any thoughts will be greatly appreciated.
Im not sure on which financing strategy will be best and looking for input or ideas.
I am purchasing my first rental for 75000. Its way below market value of 150000 in an as is condition.
The property needs approximately 75000.00 In renovations after which the home will be worth and will sell for median of 265000.00.
My question is should I use my existing home that is, roll up my existing debt of 70000. and add the 150000.00 (220) for a 30 year mortgage at 4.125% interest rate or, combine my existing debt of 70000. Add another 75000. For a 30 yr. mtg of 140000. To purchase property. I'm not sure if it is a good idea to have the full debt on my existing home. or use the rental for either the equity to repair or take a small mortgage on that one? I expect renovations to be complete within 8 months. If anyone has experience in finance I would greatly appreciate any thoughts.

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#449240 - 12/05/15 01:25 AM Re: finance question [Re: dawnie]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2273
Loc: Outer Banks
Don't risk your personal residence on an investement.

You need to find a lender that will finance the remodel, not all of them will do it.

The numbers you posted sound like a sales pitch, have you verified these numbers with a third party?
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

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