All Forum Posts by: Brandon B.

Thanks!

Title says it all. My property has a pending violation for never being inspected after a hurricane. Do I need this remedied, or can a bank still issue a mortgage on a Pending violation - meaning the violation is not actually issued yet or may never be issued?

Thanks for the info.  I would prefer to not wait the six months for a heloc, because I'd like to get started on other properties.  But I would consider waiting if there realistically wasn't any other decent option. 

Backstory - I am moving in to a new home soon. I bought it as a foreclosure with all cash, but I got it at a significant discout (100k+ discount). I want to use it as collateral for a line of credit, but I would like to use the ARV rather than the purchase price for any loan-to-value calculations. Is this possible to do while still getting a decent interest rate?

If that was hard to understand, I can be clearer.

>Bought foreclosed house for 450 cash but it is worth at least 650 and would appraise for that after minor repairs. Just closed.

>want to get loans to buy more rehab projects. Just purchased my home though so from what I understand a heloc can only go off the purchase price since it is less than 6 months old.

>have an income history of less than 2 years.

I want to be able to compete with cash buyers, so a HELOC would be ideal, but am I maybe overlooking some other financing?

Thank you for all the support! I made an offer on a 4-1 in great condition, and I will likely add a bathroom as some of you suggested to gain equity. Thank you all!

Thank you all!

Do people struggle to rent properties with only one bathroom? I was told that those properties: 2-bed 1-bath or 3-bed 1-bath properties are hard to rent and are not in much demand. Is this true?

Thanks Jaysen. And for 2 years of P/L, woud this property then start counting as the beginning of two years of P&L for future homes?

Hi all, I'm new to the game here, and I was wondering how to go about getting my first loan under an LLC rather than under myself. I want to start building up my track record and getting cash flow to my LLC, so I was wondering if there is any way to take out a mortgage against the LLc as opposed to against myself? How do I go about doing this? I personally have great credit and will back the loan, but I need to build business credit history.