I just closed my first property this week. It was a lot of hardwork and determination. This are the numbers:
property listed for $89,000
Property was bought $63,000 (cash)
FMV of the property $119,000-$153,000
I used my sisters $63,000 cash to buy the property. The only problem with the property is the previous owner who is a single mother with three kids will be staying there until the end of May. I decided to let her stay there for a month and half for free because she doesn't have a job. It is so hard for me to kick her out of the property with three kids. I am also looking a job for her in the hotel i am working now.
Now, i want to get going and found two nice properties in the same neighborhood but i'm short of money. I wanted to refinance my new property but i'm having a hard time finding a mortgage broker who can work with me. Any suggestion with what to do with the property and how i can also get the other properties i'm interested to buy.