All Forum Posts by: Allen M Miller

I am currently in the process of applying for a home equity loan. Ill be able to pull 33k out, BUT it's a 9% interest rate. Should I even consider doing it? I'd use it to put 20% down and renovate, myself. I would pay it down with the cashflow.

IS THERE A BETTER WAY TO GET STARTED?

Should i dip into savings and buy turnkey?

As a new investor is it a rule of thumb to bring $$ to the closing table??

Broker price is 147k, Lender is 80% LTPP+rehab, + 10.7% interest,,,ARV would be 225k

And I would be all in at 180k

I would have to bring 35k to the closing table which is not an option. Its a little light on the rehab as well.

What are my options??

Is it somehow possible to put 3.5- 5% down through a traditional loan with the bank if its not my primary residence? 

ARE THERE ANY LOOPHOLES?