The property has commmecial down and 2 2BRM up. It has a $750 posiive cash flow but needs repairs of about $5,000 to replace HVAC. Winter is approaching and unless the furnace is replaced can lose tennants. I am also considering an outright sale for only $60,000 but the local market is not presently strong and seems to be moving slow.
I have a mix use property worth 100K, owe 18K %26amp; need to get cash out quick but I have a low credit score?
You might want to hold on the property for a little more until the market gets better. However, if you need cash out there are some lenders and investors who will be willing to lend you money even with a bad credit.
They just want to know that there is enough equity on the subject property. However, the rates are not great, but it%26#039;s always a help if you really need the funds.
I have a mix use property worth 100K, owe 18K %26amp; need to get cash out quick but I have a low credit score?
Why do you need to sell so quickly? Are you in financial trouble? There are plenty of real estate investors who will buy your property for a little less than it%26#039;s worth. I work for a real estate investor and we%26#039;ve helped many people out of bad financial situations (and other situations) in this way. Try looking for local real estate investors through a search engine. Good luck! :)
I have a mix use property worth 100K, owe 18K %26amp; need to get cash out quick but I have a low credit score?
don%26#039;t take out a loan with bad credit - that%26#039;s a sure way to lose your property.
What have you been doing with that 750 cash flow?? If I were you, I would have been saving that money for these repairs or at least paying off bad debt so my credit score would get better.
If you can%26#039;t handle the financial situation you%26#039;re in now, what makes you think you can add another 5k to it %26amp; be alright?
SELL and be debt free. Fix your credit, THEN purchase an investment property.
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