All Forum Posts by: Ashley Cross

I worked on a deal similar to that and it was extremely difficult to get to the finish line but we were able to close the properties simultaneously. It was 6 properties covered by one mortgage and the borrower bought the package with 6 separate mortgages. The difference is the seller is trying to be the lender on only one property and I don't know how that would happen.

I switched my insurance company for my rental properties a couple of months ago. The current insurance company will need to refund the prorated amount and the new insurance company will contact the mortgage company to make the update. Just a heads up, it was a bit of a hassle for the first months but now everything’s worked out. 

Have you considered buying a property as a house hack now then buying the forever home next year? You'll be able to buy a multi-family with a low down payment and you'll be saving on your housing with the other unit(s) paying all or most of the mortgage. You can save as much as you can and next year you can get that forever home.

Way to get the deal done! 

Yes. Freddie/Fannie guidelines require 6 months after the title transfer is recorded. 

Speak to the lender that will be completing the refinance. The 6 months starts the day you acquire the property not after the rehab is done. Also, keeping the hard money loan that long will be very expensive and it will certainly eat away your profits. When I do my Brrrs I always target 6 months. I guess it depends on how extensive your renovation is but if its mostly cosmetic for 1-4 units it should be done in 3 months. 

Hi Michael! Where is the property located?

Hi Avinash! If you'd like to send me the address I can take a look and see if I can help. 

Hard Money is a great tool depending on the deal. In most cases, they require less of your money down and if you run the numbers correctly you'll be able to refinance into a conventional loan with none of your own money in the deal. 

You got a great deal! If you are pulling equity Fannie/Freddie guidelines require 6 months seasoning. You would be limited to the $32.5k + closing cost within 6 months. Those are great terms for a HML. If their fees end up being higher than you want to pay I can give you a quote for a conventional c/o refi. Best of luck to you!