All Forum Posts by: Mike F.

I appreciate everyone taking the time out to reply. Hopefully they like my answer.

Happy New Years!

:)

thanks to everyone that has replied! 

I'm trying to filter through all the replies and decide what the bank wants to hear. This all seems a little foolish but I don't want misstep at this point. Its a cash out refi for over 100k, not a HELOC, (its with a big bank).

The reply below seems very safe and i'm thinking I might go this route.

"Recapture some liquidity from my asset and securing long term lending with a 30 yr note."

Anyone else on the board that's done a cash out refi with a big bank lately have any input?

thanks folks!

I paid cash for the property, no mortgage or debt associated what so ever. I agree its none of their business but they are asking. 

Just to clarify the correct answer is? 

FYI: I don't have another property lined up for purchase yet. 

I'm doing a cash out refi and the bank is asking me, "what am I doing with the funds', what is the right/wrong answer to this question?

Obviously, they have never heard of BRRRR method.

thanks in advance for any insight.

bump

I'm hoping someone on the board can give me some good information. 

I'm moving forward on buying a house from a friend, it will be my primary residence. The home is up to date on the 1st but its in pre-forecloser on the 2nd. My friend is talking to the banks attorney trying to get a fair settlement number. 

For the deal to work I would need them to reduce the payoff by roughly 5k on a 40k payoff, the 40k includes all the crazy fees the bank charges when a loan goes into default. She offered them 35k to settle and do it within 35 days. During that time I would secure a mortgage to pay off the first and second. 

So I have two questions. 

-Is the 2nd mortgage bank likely to settle or do they typically settle in a situation like this?

-What are the pitfalls of a deal like this? 

FYI, I have the cash to purchase it outright but I would much rather secure it with a mortgage and get a better interest rate than doing a cash out refi in 6 months and having to pay a higher rate.

The house has a little built in equity, purchase price 130k market value 145-155k.

I will be contacting an attorney but I feel like this is a good place to get real world knowledge. 

thanks in advance for all replies!

Hey guys,

I'm looking at buying a "cat urine house", it's not terrible but it definitely has the smell. We are talking a couple cats not 20. I would rate the smell 5 or 6 out of 10. 

I have looked over the web and YouTube, if you have been down this road I would love your input. 

*All flooring is being removed.

Thanks 

A small percentage of HUBZU listing have the following description (see attached pic) would someone mind explaining this to me? 

Short sale, bankruptcy? 

Thanks in advance!

This is a hall of fame intro post.

Pure gold, welcome to the forum! 

I just read this entire thread, then I realized it's Christmas, how depressing. Lol