Scenario: currently working on fixing and flipping a primary residence, which will likely need an additional 2 years to complete and sell. A property I had been watching that I just missed out on buying last year hit the market again - great potential but needs $2M in rehab, money I don’t quite have while I’m still flipping my current primary residence.
The plan is to buy this new property and finish and sell current property soon so the sale proceeds can be rolled into the new one. But over this 2 year period looking to minimize baseline ownership costs while I carry two mortgages.
For those of you who do quite a bit of real estate investing, what financing options are available and would you recommend? Traditional mortgage doesn’t seem like a great fit, since monthly out of pocket would be a bit high. Is interest-only loan the way to go to keep costs low for 2 years and then refinance? I’ve also seen some boutique lenders like PCMA lending that may provide more tailored customized lending terms, but have no experience with them.
Household TC: $1.5M
#realestate #investing #money
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