All Forum Posts by: Brett Danehey

Thanks for the info Jaysen Medhurst. The legal issue the lenders were talking about wasn't the specific property is was more the fair lending on a small value property. 

I was talking to a few lenders on a home that was 80k, turnkey for the most part. The lenders weren't able to do the loan even with 20k down because the points they weren't able to make it work. And they didn't even know if it were legal. They didn't give me specifics. I have a question. If I did a loan through someone like lightstream, or a company like that. So a personal loan for 65k, for 7 years at 11%. Is there a way to turn around and refi that to a 30 year, since I would have the title in hand, then pay off that 65k and lower that payment? I know there would be "seasoning" in some cases before I could refi. I wanted to see if anyone has been able to do something on these lines, for smaller properties. 

Thanks

@Brenden Mitchum

I appreciate the feedback and the pros and cons. 

Thank you

I'm looking to begin in buying long term single family homes/up to 4 plex. Full transparency, right now I'm saving money to put toward my down payment. I currently own my condo, but do not have enough equity to get a heloc to free up cash. So I wanted to get advice on different routes to possibly move this faster. I'd like to work alone and avoid trying to source investors. So what options would you give? Right now I wonder is hard money to a refinance with a company like Visio lending after I do hard money, or just stay on the savings for the next 15-24 months so I can be free and clear on a 20% down payment. Any advice or strategy would be helpful. Thank you all