All Forum Posts by: Anderson Morgan

Sent you a message. Hope I can help out!

Brian Pulaski I am aware the city knows. They may fine him for not obtaining permits. I'm not sure if they will make him open walls to obtain permits or not. If the buyer is demanding permits I was thinking he could opt out of contract and put it back on the market and hope for another quick offer. May have to disclose why first sale did not go through to any new buyers though.

@kyle_burnett Who was the GC? How quickly did the home sell? Any chance for you to opt out of the contract and put it back on the market and maybe the next buyer won't care about permits as much?

@Jacob Murphy and @Jered Sturm have you guys learned anything yet? I am interested in attending a sale and would like to know a little before I go. I'm not quite ready to buy my next project but need to figure where I am going to find my next one.

Matt Vogt yes it is primary residence. Is there any way if we had a parent with good credit co-sign we could do a cash out refi?

I believe if you recently graduated from college, this can be an exception. My girlfriend had to provide transcripts and diploma as proof last July when we bought a house jointly. This was with First Financial Bank in Cincinnati. Also maybe with a co-signer such as a parent or grand parent.

@Andre P. and @Account Closed thanks for the advice. Is it easy to refinance? One hold up for me and my girlfriend could be we are both self employed. Her for about 9 months, me for only 2. What do we need to qualify for the cash out refinance?

I purchased a single family home 1 year ago in July 2015 for 64k with a 15 year mortgage. I originally was just intending on fixing it up for my girlfriend and myself to live in and have a cheap monthly payment, but after a year and a complete rehab the market seems to have moved significantly in our favor making it tempting to sell. I believe my house is worth ~180k now. Recently I have set up my own LLC and am starting to try to figure out my game plan to scale my business into more flips. My issue is we have been living each month with little cash in the bank and would like to take some money out to pay down student loans and some cash in hand. What is the best way to do this with paying least in taxes and/or fees?

I need some advice on whether we should (1) sell the home, (2) do a cash out refinance, or (3) HELOC.

Purchase Price: 64k

Rehab: ~20k

Mortgage Balance: 57k

Closing Costs: 11k

Sale Price: 180K

Profit: 102k