All Forum Posts by: Angela Kelsay

I'm considering doing a 1031 exchange. I live in Edinburgh, Indiana. I would like somebody as geographically close as possible to act as the intermediary. Looking for recommendations and approximate costs.

I don't regularly but I have.  If you have a basic question I may be able to help.

@Jackelyn - It was an REO; and I will definitely check out the resource center on BP. I doubt I'm going to be willing to pay the interest rates of a hard money lender.

@Tyler - The renovations have been complete so the appraised value is the as-is value.

I'm a real estate investor that normally does all cash flips.  I've decided my most recent investment would make a good rental so I'd like to finance it.  After 2 week and a lot if paperwork, my local bank just let me know that they will only finance up to 75% of my purchase price and only after I have owned it for 6 months.  The appraised value is almost twice the purchase value and I want to main liquidity so that won't work.  I'm looking for a better deal. Neither debt/income nor credit is an issue.  Recommendations?

VERY helpful information; especially the LLC advice. This probably saved me a lot of headaches @Chris Kennedy.  Thanks for all the help. 

I have always done cash deals on flips.  I am now looking at a potential buy and hold property.  It's an online auction so I'd like to incentivize my offer by using cash but long-term want to finance the property.  Obviously, I want to maintain as much liquidity as possible so I'll be ready when the next great flip deal is available. 

So, since I have never used a bank (and quite frankly am quite intimidated by them even though my credit score is about 840) I don't know how hard it is to come by a cash-out refinance.  I talked to my local bank one time on this matter and they acted as if that was practically unheard of.  I've shied away ever since but don't think that I probably should.

Thoughts?