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Updated about 16 years ago,

User Stats

78
Posts
9
Votes
Greg C
  • Investor
  • the desert !, CA
9
Votes |
78
Posts

my plans are going smooth so far !

Greg C
  • Investor
  • the desert !, CA
Posted

hello all i thought i would give my example so far and get opinions on what i have done
i live in the "IE" or high desert area of so calif
i worked hard during the boom years to pay off my house free and clear
last dec when things really crashed here (and still are) i bought the cheapest 3/2 REO house in my good neighborhood for 80k, having a construction background i totally rehabbed this house down to the studs so it is a virtually new house at this point i spent 20k on materials and i was the labor and it took me 9 months !

it is now rented for 1200 month ,,, i know it does not exactly fit the 50% rule but i think doing all the work myself and furure apprecation i will be ok

any way this house was thrashed and i took out a mortgage on my house to pay cash for the reo ,,, mostley because the house was in such disrepair that it needed to be bought with cash,,, and the really good deals in my town the non cash offers get tossed right out ,,, cash talks in this market

fast foreward to today i did a cash out refi on my free and clear rental house for 70k ,,,, (it appraised for $120k) i have a 800 fico and i got a 30 yr fix at 6.125%

i am in escrow for another 3/2 house in my good hood now the dumpy REOs are $64k !!! (cash ) and this one needs 10k in materials
so it is getting closer to the 50% rule ,, ,i think i can finish this one in 3-4 months and it should rent for 1200 mo also ,,,, i guess i can do this 2 more times in the next 2 years to have 4 mortgages on my credit

the refinancing has its costs but i guess all of this is techinacally "NO Money Down !"

Greg C :lol:

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