Loan amount
$90,000
Loan type
Refinance
{Cash-Out}
As-Is Property Value
$114,000
LTV
79%
{LTV}
Property type
Single Family
Borrower Details
Credit score
563
Deal experience
1 deal
This loan scenario was submitted by a Broker
No
Property Details
City
Albany
State
Georgia
Loan Details
Current mortgage balance
$0
How much cash-out are you looking for?
$90,000
Additional Loan Information
The house is listed as a 3 bedroom 3 bathroom single family home with a mother in law suite in back. It Actually has 4 bedrooms and 3 bathrooms as they converted a room into a bedroom. The house sits in town in a business/residential neighborhood. It could rent for $1,100/month as a LTR and the mother in law suite for $600/month as a LTR, but we plan to use it as a STR for travel nurses as it is only 5 minutes away to the main hospital. This has the potential to bring in $1600/month at least as a STR. The property needs some repairs to windows, front structure, and remodeling of the mother in law suite bathroom before renting out. The money will go toward repairs. This will be my first rental property and I feel extremely good with how it will turn out in the end.
Status
Open
Created
January 26, 2021 - 9:51am
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