Posted by SCook85 on December 28, 1998 at 23:36:50:
Kevin,
Have you considered refinancing your property and cashing out. You only owe 65% of the appraised value. You should be able to find a program that allows you to refinance at 75-80% LTV.
Outside of that it sounds like you got a great deal on that property. Good Luck!
SCook85
money to borrow for investment - Posted by kevin
Posted by kevin on December 28, 1998 at 23:08:44:
i purchased my first investment property and closed early november 1998. it was appraised for low 60’s. i purchased the property for $39000.00. it is a 2 family and generates $975.00 a month. the previous owner is holding the mortgage for 10 years. i am looking for money to borrow against this property to purchase a 4 or 5 unit. i am in the upstate ny area. please e mail me with any idea’s. thank you. kevin