Posted by Gary Thompson, Castlerock Investment Group on October 28, 1999 at 23:53:51:
A few questions:
What type of property was the first one?
Did you have any out of pocket cash or was it all loans?
The second property, is the appraisal “as rehabbed” or as it sits now?
I could give you several options, but it would be good to know some backround.
Thanks.
Gary Thompson
Castlerock Investment Group
To Refi or Not Refi, That is the question. - Posted by Pam
Posted by Pam on October 28, 1999 at 18:52:14:
I wanted to get back to everyone since a lot of you gave me some good advice way back in February. We got a rehab loan on a property that was one step away from the wrecking ball. My husband and I saved it. . .it’s taken a while, but it should be ready for the market in about a week and it looks great. Here’s the breakdown of our investment:
Purchase price: $9k
Cost of Rehab: $45k
Total Investment $54k
Asking Price $119k
I was wondering what we should do next. My husband and I just purchased a commercial property for $65k that appraised for $115, and we’d like to rehab it. We would like to get about $50k for the rehab, and we can’t decide whether to refinance the first rehab, refinance the commercial property, or wait until we sell the first rehab and then take the money and put it towards the commercial. We would like to get rolling on this as quick as possible. We are having a business plan created with the help of our local Small Business Development Company. They crunch numbers and make projections and all that stuff and then give us a package to present to a bank. They do it free of charge, which is nice. They just take a little longer to get things prepared, and right now we are cashed out.
All suggestions are welcome. Thanks in advance.