All Forum Posts by: Alexander Jones

Really appreciate the input from everyone, these are great things to consider. 

@Upen Patel @Brent Coombs I read that in mid 2011 Fannie Mae changed their delayed refi program so that that 6 month period is waived.  You can now refinance within 24 hours of purchasing.  

Digging a little bit deeper I came across two points that I think relate my situation:

• If the home was bought using money from a home equity line of credit on another house, the money from the cash-out refinance must first be used to pay down the HELOC debt.
• Gift funds used to buy the house cannot be paid back with the cash-out proceeds.

The second bullet point is interesting seeing as the funds from my brother would be classified as a gift, no?  I'm unfamiliar with the tax laws and classifications in this regard.  

I will probably end up just getting pre-approved and in order to move quicker on these deals, but it is an interesting discussion nonetheless! 

Hey all,

I'm currently looking to purchase my first property OOS for 100-150k. The great deals that have been coming to me are getting swooped lightning fast, so I'm wondering if offering on all cash terms would help give me an edge. I have enough to secure a conventional mortgage with 20% down, but recently a family member took out a HELOC on their house and said I may use a portion of that to pay for a property in cash, then refi that property as soon as possible to pay him pack.

I'm relatively new to the real estate thing in general so apologize in advance for my ignorance, but I'd like to know:

-What are the potential complications I'd run into in this scenario? I'm sure there are a multitude I'm unaware of. 

-What dictates the percentage of the purchase price I'm allowed to pull out of the house immediately?  How likely would I be able to pull out 100% of the purchase price (or perhaps I should be asking 100% of the appraised value).  

-Am I getting into any other miscellaneous tax related implications by receiving 100-150k from someone else to buy the property?

Thanks in advance BP!

I'd be interested in the Culver area as well (or anything on the west side during the week)!

Thanks @Sarah Nowak that's a helpful starting point for me.

@Matt Motil Appreciate your welcome and your perspective man!  

@Max Keller That's awesome man, sounds like you're killing it.  Any particular neighborhoods in the Fort Worth Area that interest you from an investing perspective? 

@Terry Lao I'll take a look here appreciate it man. 

@Tony Han Thanks man!  I have not yet seriously considered turnkey as I'd like to be a little more hands on (at the risk of taking on more trouble).  Do you have any experience with turnkey companies?

Hey BP!

I'm Alex and I'm a professional commercial cinematographer living in Los Angeles. I've spent the last 6 months or so absorbing as much information as I can about REI and feel ready to start taking some actionable steps. Because the LA market is so insane right now I've started looking in central California (Fresno, Merced, etc), the Sacramento area, and have also considered out of state (I've already read @David Greene's great book on out of state investing). I understand the California markets are generally considered appreciation plays whereas the out of state markets can offer better cash flow; I'm still trying to figure out what works best for my situation. Cash flow interests me but I'd love to hear your guys' opinion on a newbie starting his career out of state (so far the Dallas TX and Jacksonville FL markets seem interesting). I'm looking at SFH or perhaps a duplex to get my feet wet.

I just wanted to introduce myself to this great community and start using this platform as a way to network with others both in LA and abroad.