All Forum Posts by: Angel Garibay

@David Vanlandingham

I’m currently unemployed and my credit is non existent due to a debt consolidation loan. So at the moment I cannot qualify for anything unfortunately.

I’m looking for a hard money lender to help me finish renovating my primary residence. I’m located in Plumas Lake California 35 min north of Sacramento. I owe 290,000 and the market value of my house is 440,000 as of right now. I started renovating about a year ago and ran out of funds. I still need to finish the following: countertops, landscaping, flooring and paint.

I tried going the cheap route with epoxy countertops and they turned out to be far less quality than I expected. So I decided now to go with granite and I’ve found a neighbor to do that for me. The front landscaping is done but the backyard needs sod laid and mulch, I already have my weekly lawn guy and his crew on standby for that. The flooring I’ve laid everything in the main living areas but I still need to install new carpet in the bedrooms because of animals in the house previously. I know that Home Depot will install for free if purchased from there. Lastly the interior and exterior need fresh paint from still having original paint from 2006. I have another neighbor that owns a painting business and is on standby for my house also.

So needless to say I have everything lined up and waiting to finish, I just need the funds. Houses in my area for my floor plan don’t last longer than a week on the market. I have an agent also on standby waiting for it to list. I’m about 15-20k away from finishing and should be finished by the end of October and finalized no later than thanksgiving. If anyone would be interested in lending or would like more details about the house please feel free to message me anytime. Thank you.

I own my house on an FHA loan and I am looking to sell it in the next month or so. The more I get to conversing with people around the neighborhood I find out that a lot are military families and a lot of them are actually renting their residence. I live about 20 minutes outside of an Air Force base and it is on a slow burning path of progress.

So as the timeline gets closer to us actually putting the house on the market the idea of keeping it as a rental is becoming more intriguing. For the numbers to work for the house to be a cash flow positive I would need to refinance into a conventional loan so I could drop the PMI off of my monthly mortgage payment. With doing that I would need be able to pull out some sort of cash to move my family into another house.

What I am wondering is if I would be able to pull out cash or at least a HELOC after refinancing into a conventional. I owe 280 on the property and after some appreciation and renovations the property is now worth 365.

With that spread would I be able to pull out cash after the refinance to continue my journey? And if that is possible what would I need to do to be able to do that? Could the refi be a cash out refi or would I be able to pull out a HELOC after refi?

@Brian Eastman

Would a close friend or family member be able to invest in an opportunity zone plan that I have using money from their current 401k and be able to benefit from the tax structure?

@Paul Welden

That’s what I figured. I will look more into the different requirements of each type of those loans and see if any one of them could be helpful in what I am trying to do. Thanks for the recommendations!

@Shaun Weekes

Thanks for the advice. It’s all greatly appreciated!

@Shaun Weekes

Can u get cash from refinancing out of a FHA into a conventional loan if you have enough equity? Or would u be able to pull out more equity by refinancing to a conventional and then just getting a HELOC?

I have about 30k which would only be enough for an FHA down payment on houses from 300-600. That's why I am interested in what my options could be after a FHA loan down payment to get out of that loan and still be able to access that equity after rehab.

@Shaun Weekes

I would have to raise the cash for the renovation weather it be hard or private money. The renovations differ in every property in every area, some would need only about 20-30 for about 100 in equity and some 50-60 for 200 and some 100-120 for 300.

I really want to be able to utilize the equity after the rehab for other business opportunities. So that is a major focal point in this whole strategy.

@Paul Welden

With the 203k wouldn’t I need to get a licensed contractor to do every thing needed during the renovation process? I plan on doing most of the rehab myself unless something unforeseen comes up such as electrical or plumbing problems etc.

I really don’t want to wrap the rehab loan into my mortgage. I want to pay for the rehab separately and pay it off with my equity gained after the appraisal when the job is done.

So when it’s all said and done my goal is to have the lowest mortgage payment possible with the smallest amount of money invested.

So there are a couple deals in my area that I am currently looking at. I am eligible for an FHA loan and I was wondering if I could use an FHA to purchase a dated house (that would only need cosmetic rehab), rehab the house and then cash out refinance to conventional loan terms? Or refinance to conventional loan terms and then pull out a HELOC? Basically I want to get out of paying that monthly PMI as soon as possible (that is why I don't want to do a 203k loan) and only put 3.5% down on a new primary.

One of the houses I am looking at the purchase price is 400 and after about 60 in renovations it would be worth around 600-620.