All Forum Posts by: Brian Pistone

David Green's podcast when they discuss the repeat processes @~58 minutes

This lead me to buy BRRRR book and ultimate content package, which is awesome and spurred me on to finally refinance a duplex we bought and renovated.

I'd love to see how much @David Greene might be willing to share on the checklists he's created.  I know that this will differ by market and investor preferences and that this should be a learning process for the person making the checklist.  But I love what you said about your criteria, scheduling and timing inspection and contracting, and the thumbs up communications.  Excellent stuff!

Not sure if you can share bits from your suggested checklists 1-5.

Thanks for inspiration!

@Steffani Azcona hello and congrats on your new adventure in real estate!  We are also in NJ investing in buy and hold and wholesaling.  What areas are you looking to buy?

Anyone have contact information for a lender who does cash out refinance on investment properties?

We have run into an issue with the appraisal/condo development where our investment property is located. On the appraisal it states that out of 250 total units, 147 are rental units, which is a percentage of 58.8%. Fannie/Freddie will not allow a rental/investor concentration of over 50%. I believe it's called non warrantable.

Or maybe an equity line of credit on investment property?

I have ~10 calls out to my contacts and all the major and local banks; looking for anyone with additional insight.

Thanks in advance.

Originally posted by @Anil Mogha:

Thank you guys for your reply. 

I have sent the form 1003 for pre-qualification to Greenlight loans yesterday. I haven't received any confirmation or anything from them yet though. I tried calling them they are not picking up the phone and left them the message for an update but so far no update. 
I will keep you posted for updates but so far very frustrating experience!!!!!!

 What happened?  I am bidding on a property this morning and would love to know.

You could contact a local realtor, and ask for a comparative market analysis. They can list sales over the past six months and it will give you an idea of price, how many beds and baths, and square footage. Then maybe you could shoot for houses that sell well in that area, knowing the average price per square footage on specific houses, and where you have to be with the numbers when you buy.

Originally posted by @Chris Seveney:

Why are you looking to refinance if you already have a mortgage on the property ?

It would give us cash out to start the next deal.

We have a 30 yr Conventional at 5.5% on a single bed condo unit that we rehabbed, rents at 1100 and have cash flowing 380/month (before capex-not sure how to calculate because HOA covers roof and hot water heater, we'd be on the hook for heat/ac unit).

I called all the local banks and found one that will HELOC 75% the appraised value without seasoning for 10yr fixed at 6.5% which would cut cash flow down to $60/month (again before capex, so this starts to look negative.)

I think I'm going to call around a bit more, but has anyone found a HELOC in NJ recently with better or longer terms?

Our first unit is in Medford, looking to leverage it into our next one, just found a local bank today that will lend 75% of the equity including the ARV with appraisal. Looking at auctions and other options in the area.