“Athena HELP!” was the email subject line
The roof of Joe’s rental property was leaking and needed to be replaced. The price tag was a hefty $25,000!
He is recently retired, and his credit cards were maxed out, so he couldn’t use his cards to pay for the roofs.
With no available funds, he had called his credit union to get a home equity line of credit and they said that they don’t give refi’s on rentals.
Fortunately, his property manager referred him to me to get a refi.
Since he is retired, Joe thought he wouldn’t qualify. I ran his numbers and discovered that he could refi to pay off the old loan, get $80,000 cash out, and LOWER his payment by $200 per month!
He will have the money in 30 days, get the work done, and be free of debt. Joe was shocked, but a zero house payment on his main residence and good cash flow from the units, allowed him to qualify…just barely.
Property fixed and no debt. That’s the way to be in retirement!
If you or a friend have an impossible situation, call me ASAP!