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How to Finance Investment Real Estate Without Income Documents
I just finished a remodel of a single-family home. I approached a lender to provide a refinance and they require 12 months of seasoning before they allow for the use of “new appraised value”. Also, they quoted me 8.25% with a 5-year pre-pay penalty. This property will be a short-term rental. Below is a summary of the deal.
Purchase price: $749,000
Rehab budget $139,000
ARV: $1,170,000
Purchased on: January 15th 2022
Annual taxes: $8,976
Annual Insurance: $2,450
No HOA
Long term rent: $4,800 monthly
Projected Short term rental revenue: $115,000 annually
My credit score is 740 plus Please let me know the best options to fund this.