All Forum Posts by: Account Closed

@Steven Wilson, i understand that's the best way to pursue the information im looking for. I was expecting that sort of reply..since I'm not looking to move until about 8 months from now, i figured id wait before i make those moves. Just wanted to get an idea of what to expect when the time comes around. Thanks.

Hey BP! I currently reside in IL.. 😪 I plan on moving to Tennessee in the summer of 2021. I was wondering can you get an owner occupied loan as long as youre in the property within 60 days? Also, do you have to have proof from an employer that you'll have work where you intend to move? Without going into too much detail, i dont intend to keep my current job. And if anyone knows any meet ups they attend around Knoxville, let me know! I'll be around, thanks.

Make sure you do the mandatory 2 week quarantine when you arrive back to Chicago! 

So how important is appreciation when some of you are running your numbers going into a deal? 

When a property value falls during the rehab (which granted it probably won't be much) and a 75% loan to value has to be met, you're stuck paying off the private money investor the difference during the refi? Im just trying to understand this better. I'm going thru Davids book right now, just haven't completed it.

If you buy a new construction home as a rental, obviously probably no rehab is involved. When you go to the bank for a refi how do you get your money out of the deal? Do you get a loan worth more than the current one hoping appreciation has brought the value up and while paying down the mortgage and pocketing the difference from the new loan? Since you're creating equity into the home during the rehab on a beaten down property. 

I haven't really been able to find anything specific to these questions, thanks to all that reply!

Hey Rayne, I am also an apprentice for an electrical contractor with a passion for entrepreneurship lol. If you're still looking for someone to team up with, let me know!