Posted by Caron Otto on January 20, 2004 at 10:26:35:
Hi,
I recently purchased a house for $40k, put $12k of personal cash into it to fix it up, and planned to sell for 75K. Instead, I just signed a lease-purchase for 80k at a 2 year term. Can I, and if so, how do I, get some of my equity out of this house to use for other transactions? We only bought the house 6 weeks ago, so it is not seasoned. I have a contract on another rehab house to close in 2 weeks, but need some cash from this one to buy the new one.
Any input would be really helpful!!