I currently own a property that I paid cash for entirely and have no payments on. I have owned this property since May of 2010. This was my first attempt at getting involved in real estate and I made a few mistakes and now I need to fix my mistakes and want to find out the best way to move forward. Since May of 2010, I have lived in the property and I did a complete kitchen redo and bathroom, but I have run out of money do complete the rest of the renovations. My goal is to rent the property. My credit has been destroyed and I have no cash reserves.
Will a bank even think about giving me a refi? Are there other methods that any of the more experienced DG family members know that can allow me to get this property fixed and rented within the next 30-60 days. I would love to refi and take that money to finish the rehab and buy another property, but I don't know. Any advice from the experienced folks! Thanks a million!
I currently own a property that I paid cash for entirely and have no payments on. I have owned this property since May of 2010. This was my first attempt at getting involved in real estate and I made a few mistakes and now I need to fix my mistakes and want to find out the best way to move forward. Since May of 2010, I have lived in the property and I did a complete kitchen redo and bathroom, but I have run out of money do complete the rest of the renovations. My goal is to rent the property. My credit has been destroyed and I have no cash reserves.
Will a bank even think about giving me a refi? Are there other methods that any of the more experienced DG family members know that can allow me to get this property fixed and rented within the next 30-60 days. I would love to refi and take that money to finish the rehab and buy another property, but I don't know. Any advice from the experienced folks! Thanks a million!