What Would You Have Done
Interested in some advice here.
I recently rehabbed a property. finished in January and put it on the market with a real estate agent. Had it listed for 90 days, no action, even though our price was right (according to comps and teh RE agent).
Anyway, found my own buyer...two days before final approval he loses his job and financing falls through.
Needs to get my money out of the property because of closing on a new house and needed rest of downpayment, so I refinanced the property after getting a tenant/buyer in as a lease option. Good cash flow, so I think I did the right thing since I needed to get the property turned fast (after waiting over 90 days w/ no action).
Anyway, here is the challenge. When refinancing the property, I was told by the mortgage people that I could only refi 70% ltv since the property was listed with an agent. What is this all about? Before the mortgage people found out it was listed (they searched the MLS), we were talking about refi-ing at 85%.
Now, I still ahve about 20k of my own money tied up in the property. How can I get it, or a portion of it back out. Should I look at taking a second mortage on the property?
The property cash flows great right now...PITI of about $425, with monthly rental of $850, but I still have alot of my money tied up in the property. If I refi a second, it will still cash flow, but not as much.
Suggestions?
John Walko
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