All Forum Posts by: Asia Taylor

@Evan Polaski awesome okay! So I'll do some research on a loan now now!! Have you had any history with it? If they could lend on the ARV I'd be set!

@Katherine Blazer hi, yes it does!!

I am looking to purchase my seventh and eighth property, and I am wondering if the BP family Knows of lenders that Lynn based on the appraised value of the home versus the purchase price. I have heard of this being done before but could really use some help finding a lender!!

If you have ever done this before could you please share your experience on it as well i would love to hear about it!

Thanks in advance

Asia

@Remington Lyman thank you Remington ! I will do that right now!

@Marc Rice so a double mortgage? Okay I’m interested in hearing a bit more about this and would appreciate the connection! Thanks

I live in Columbus Ohio but does anybody know a bank that does HELOCs on Investment properties and if so, and you have used one before to rehab or buy other deals what did you like/dislike about this loan?

Thanks all,

@Brian Garrett I didn’t think of that angle. I really want to keep this duplex. My mortgage is $440 and my rent is $800 & $600 so I cash flow about $500 per month after all expenses. I will run these numbers in a higher loan though and see what makes most sense. Any regrets after you’ve gone through the process?

@Andrew Postell that makes perfect sense Andrew thanks!! So maybe I’m looking at it wrong, because even though the loan after refi is much higher, I no longer have anything invested so I can use my same down payment I put on this house for another one. Have you done this a few times ? Any regrets?

So I have listened to tons of podcasts, youtube videos, google posts, and etc on the topic of BRRR investing.I completely understand the process (so I truly have been trying to figure this out on my own)

Buy Rehab Rent Refi Repeat. My only issues is with the REFI part. I keep hearing people say, you basically pull all of your money out of the deal and you're able to use that on another property. But the reality is, you're pulling your money out but you're taking on a much bigger loan than your house originally was purchased at. In order to only take 80% of that new loan you just signed for. 

So in my situation I bought a duplex for $66,500 I put about $17,000 down and I owe about $47k (it's only been a year) 

Comps have recently sold for $120,000 for the same size house in the area. (4BD 2Bath 1400 Sqft) mine is fully rented and rehabbed 

So let's say I cash out refi for 80% that gives me about $47k - $3k for closing costs which would leave me around $44k in equity WHICH SOUNDS AMAZINGGGGG, but the problem is I don't now own that home because of the equity (because it's almost doubled in price) but instead I have a loan twice the size with an even higher interest rate. I'm not saying this method doesn't work I'm just wondering what I'm missing in the financial part because this doesn't sound fun and I was wondering if anyone else was wondering the same or if someone experienced in the process could clarify for me!! it would help me and others out a TON!! 

@Marc Winter that's a really good idea Marc! Did you find that these people are pretty good? Any problems you run into out of this situation? I need to find some good places to go, because Lowes is usually full of a bunch of rookie DIYs like me. Lol