If anyone can assist with some creative suggestions to assist me I would be appreciative. I placed a post in the General Area but it was suggested to try the Finance Area for some feedback.
Here goes! some time ago I was retrenched. I have three rental producing properties that cover there own expenses. I wish to undertake buying, renovating & onselling as a means of making income. Although there is about $150,000 equity in one house is there a way of getting finance to be able to purchase & onsell etc without selling that property? That property has portability of loan on it. 2nd Mortgage? Credit Facility?
Should I look for a private investor or look to a joint venture or what? I must conclude by stating that I do not really object to having to sell this property, grab equity in cash, purchase another with portable loan and tip in some cash and that would leave me with cashflpw to renovate etc. Am I just at the stage where getting started is the hardest and after that it will all fall into place and roll along as buy & sell is what I wish to do???
Possum
Here goes! some time ago I was retrenched. I have three rental producing properties that cover there own expenses. I wish to undertake buying, renovating & onselling as a means of making income. Although there is about $150,000 equity in one house is there a way of getting finance to be able to purchase & onsell etc without selling that property? That property has portability of loan on it. 2nd Mortgage? Credit Facility?
Should I look for a private investor or look to a joint venture or what? I must conclude by stating that I do not really object to having to sell this property, grab equity in cash, purchase another with portable loan and tip in some cash and that would leave me with cashflpw to renovate etc. Am I just at the stage where getting started is the hardest and after that it will all fall into place and roll along as buy & sell is what I wish to do???
Possum