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All Forum Posts by: Brandon Smeltzer

Brandon Smeltzer has started 6 posts and replied 33 times.

Post: Cash Out Refinance for Buy and Holds

Brandon SmeltzerPosted
  • Boardman, OH
  • Posts 34
  • Votes 2
David Zheng What type of neighborhood did you find a 230k property, get 8100 rent and force almost 400k in appreciation? Did you find this property off of the MLS? How long did you search for this "magical" property, haha?

Post: Cash Out Refinance for Buy and Holds

Brandon SmeltzerPosted
  • Boardman, OH
  • Posts 34
  • Votes 2
Phenomenal Dan C. Great info and example.

Post: Cash Out Refinance for Buy and Holds

Brandon SmeltzerPosted
  • Boardman, OH
  • Posts 34
  • Votes 2
Thanks Bill F. !! One of the problems in my area is that all the 3 bedroom 2 baths in the neighborhood haven't sold above 80k. Their are available 3,2's for around 65k that definitely could use 15k of work. I know I could theoretically force appreciation through basic value-add improvements, but I'm just scared that theirs a ceiling on those neighborhoods and if I take the gamble with 15k in rehab, that it will never appraise at 100k. Does this sound logical to you also?

Post: Cash Out Refinance for Buy and Holds

Brandon SmeltzerPosted
  • Boardman, OH
  • Posts 34
  • Votes 2
Thanks Alexander Felice !! I appreciate the insight! The numbers you referenced on your last two deals seem like they could have an exit strategy of either a buy and hold cash out refi or a flip. It looks like I'll have to find a great realtor who really knows how to find these types of deals, including extensive familiarity in foreclosures. Thanks again!!

Post: Cash Out Refinance for Buy and Holds

Brandon SmeltzerPosted
  • Boardman, OH
  • Posts 34
  • Votes 2
Ok, I'm really hoping someone can help me here. I've read about how to execute a cash out refinance, and I've learn about this many, many times. Essentially, you purchase a property for less than 80% of it's appraised/speculated/compared value and then refinance to get your cash back out. However, the hang up here is that this type of deal is the financial unicorn of real estate. How does someone find these properties if they're not paying cash, paying a wholesaler, sending out 1000's of direct marketing letters at a 1% success rate, standing every morning in front of the courthouse for an auctioned house? I don't plan on spending all of my time doing this or buying 20 houses a year. It always seems like investors talk about these kinds of deals like this exist, but then in reality the forums are full of unsuccessful attempts because the bank will never accept the appraised value, only the purchased value when it's time to refinance and the seasoning period has passed. Is there any way to hedge against this happening? Do houses ever appear on the MLS at 80% of their estimated price, so I can actually utilize the knowledge and time of my realtor? I apologize for seeming so confused, but I've spent the last 3 years studying buy and hold real estate and when it finally comes time to invest, it seems improbable. Thanks in advance!!

Post: Boardman Youngstown OH Agent

Brandon SmeltzerPosted
  • Boardman, OH
  • Posts 34
  • Votes 2
Jonathan Kelly Could you send me a PM? Your profile has the contact info hidden.

Post: Fannie Mae Property: any Mortgage?

Brandon SmeltzerPosted
  • Boardman, OH
  • Posts 34
  • Votes 2
Goodness, that's sound pretty unreasonable. Are there any other types of properties to buy that offer the kind of value-add opportunities similar to a Fannie Mae? We are hoping to finance with an FHA ourselves. Thanks again!

Post: Fannie Mae Property: any Mortgage?

Brandon SmeltzerPosted
  • Boardman, OH
  • Posts 34
  • Votes 2
Thanks Russell Brazil !! Is there terminology/parameters for condition?

Post: Fannie Mae Property: any Mortgage?

Brandon SmeltzerPosted
  • Boardman, OH
  • Posts 34
  • Votes 2
Does anyone know if I can buy a Fannie Mae/Freddie Mac with any mortgage company? We can get a really good rate from our local place. Thanks!

Post: Boardman Youngstown OH Agent

Brandon SmeltzerPosted
  • Boardman, OH
  • Posts 34
  • Votes 2
Hey Jonathan Kelly My wife and I are searching for 3 bedrooms in Boardman below 65k. We'd like to then put approx. 15k in remodels into the property. I was wondering if I could send you a PM about a few questions. Would that be ok? Thanks!