Hey, today I’m posting a bit out of the box topic because I badly need your suggestion!
Our home, which we rented is up for some maintenance and repair works! Currently, we are running out of money to do this, at the same time these repairs are emergency. In the beginning, this was our primary home, we rented it after buying our current home.
Since 2012 we have a loan on our old home, and its monthly payments were affordable only, precisely lesser than the rent we get. I’m planning to have a second mortgage loan so that we can have the fund for the maintenance works. If the renovation works are done properly up to my expectations, then I can definitely rent our home a little more than our monthly mortgage. I will be consulting Northwood mortgage for processing my second mortgage loan, they helped us in our first ever home loan and the rates were excellent also.
Before heading with this plan, I want to hear from you people especially from those who had gone through a similar experience!