All Forum Posts by: Benjamin Qiu

@Tyler Rowland it's free and clear

@Guifre Mora I think you're right the more I researched this. Even though my name isn't on it now, will be at the closing, everyone on the title will then agree to the mortgage/refi so hopefully won't be any issues.

Thank you all

Great point @Jaysen Medhurst!

This other partner who's staying is actually a family member of my, the partner who's leaving is a friend who's leaving the state. It's a way to allow me buy the other half at a reasonable rate, possibly even sell it to the remaining partner in the future if he likes buy me out then. So agreeing to the collateral wouldn't be an issue.

Let me know what you think!

Greetings,

Looking for advice to see if it's possible to get a mortgage to buy into a property with 2 owners.

One of the owner is looking to cash out, is it possible to get approved by the bank to buy out one of the owners with a 30 year mortgage (will basically become a refi on the house, which is currently paid off). The other partner who's staying and myself are good with the 30 year loan and will sign off on it when needs to.

If doable, will the partner who's leaving also need to sign off on the mortgage?

Mortgage -> $ to buy out partner -> I'll pay for the mortgage.

Thanks a bunch

Greetings BP,

After purchasing a BRRRR property with 20% down, do you have to use the same bank for a cash out refinance?

What if the bank doesn't allow a cash out refinance up to a percentage that the investor is satisfied with?

In podcasts I keep hearing 70-75% (of arv) is the highest some banks will go, I also hear 80%, is this something that investor has to make sure before working with the bank when purchasing the property? Or can worry about that after renovation is done and can shop for rates then?

Thank you!

@Bob Green. Appreciate the response Bob.

Always great to get confirmation. And definitely will continue to meet fellow investors especially before going into my first out of state deal.

Thanks again.

Greetings,

I'm looking to purchase a rental property with the BRRR strategy. If I don't want to use existing cash at hand, and currently own a home with equity (~300K+) what's the best recommended way to go about it? Heloc / cash out refinance/ Home equity loan?

Rental Property: ~120-180K, will also need work

Equity from home: $300K+, purchased in 2016

My logic is to tap into existing equity, purchase and fix up rental property, refinance then to pay back the loan from existing home equity. Is this a big risk if I can purchase it under appraised value? Is this the smartest way to go about it?

Appreciate any tips and advice

@Greg H. and everyone, appreciate your help!

@Charlie MacPherson & @Greg H. Appreciate the insight.

Correct, she has till 4PM today to sign the Docusign. She said the agent (in person) walked her through online to put in the offer and wrote a bank check afterwards. 

She's debating between just not responding, wondering if that will disqualify automatically and return the deposit.

Or 

She should email them right now and let them know she has to back out (not sure if proper reason is needed) and ask for deposit back.

The latter seems to be the better option. Appreciate any last minute advice and tips!

No official contract signed yet. She made a cash offer and wrote a check for deposit, and that was it.