Is L/O Possible Here?
Ok...my buyer fell through. DOH!!!!
So now here I am. With the ability to have my a house quit claimed to me as long as I refinance the house.
The comps on the house are about $92,000. The balance on the loan is about $75500. It's a single family in a really nice neighborhood 3/2/2, 1458 sqft., brick, built in 1995. Needs a little work, 2 windows need to be replaced and may need some new carpet in areas. That's about it.
My question is: Is it a good idea to take the quit claim and refinance and the L/O the property? Do I have enough equity in the loan where it makes this a viable investment? And lastly how would I go about finding someone to take a the L/O and how do I set it up?
Any help would be great.
Scott 
Quote:
On 2003-08-29 12:48, illusvfyre wrote:
Is it a good idea to take the quit claim and refinance and the L/O the property? Do I have enough equity in the loan where it makes this a viable investment? And lastly how would I go about finding someone to take a the L/O and how do I set it up?
First try to determine what the rent rate for a house like yours is in your area.
Before taking cash out with a refinance, make sure you are going to be able to have a positive cash flow. You don't want to have a mortgage payment of $700, and only be able to rent for $500!
Advertise in the newspaper is usually good to get L/O.
Good Luck!