Oregon Hard Money Deal - Close

615

5 deals

Oregon

I bought property priced at $30,000. I paid $4,000 down owner carry. It is 2.4 acres with single wide mobile on it and other out buildings on it. I want to refinance, paying off the $26,000 owed. I do not live on the property. The property is located in Christmas Valley Oregon. I plan to rent the property right away as soon as I refinance with hard money. I have someone ready to rent it now. They will be living in site in there RV for the next year until I bring in the new mobile home to place on site and refinance out if the hard money loan. I will be getting approximately $500 per month and when the new home is on site then rent will go up to $1,000 per month. The reason I need to do hard money first is that I want to rent it now and begin making money on it while waiting to get the old mobile moved and all the prep for new one. This going to take a bit of time due to weather and my schedule. I plan to refinance most likely a bit before 1 year but I'm asking for a year to give me plenty of time to get it all done.