Is L/O Possible Here?

Ok...my buyer fell through. DOH!!!!

So now here I am. With the ability to have my a house quit claimed to me as long as I refinance the house.

The comps on the house are about $92,000. The balance on the loan is about $75500. It's a single family in a really nice neighborhood 3/2/2, 1458 sqft., brick, built in 1995. Needs a little work, 2 windows need to be replaced and may need some new carpet in areas. That's about it.

My question is: Is it a good idea to take the quit claim and refinance and the L/O the property? Do I have enough equity in the loan where it makes this a viable investment? And lastly how would I go about finding someone to take a the L/O and how do I set it up?

Any help would be great.

Scott surprised

Comments(1)

  • 64Ford6th September, 2003

    Quote:
    On 2003-08-29 12:48, illusvfyre wrote:
    Is it a good idea to take the quit claim and refinance and the L/O the property? Do I have enough equity in the loan where it makes this a viable investment? And lastly how would I go about finding someone to take a the L/O and how do I set it up?




    First try to determine what the rent rate for a house like yours is in your area.

    Before taking cash out with a refinance, make sure you are going to be able to have a positive cash flow. You don't want to have a mortgage payment of $700, and only be able to rent for $500!

    Advertise in the newspaper is usually good to get L/O.

    Good Luck!

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