All Forum Posts by: Brice Perry
Brice Perry has started 6 posts and replied 13 times.
Post: Owner Financing home with Reverse Mortgage
- Posts 19
- Votes 8
Well I appreciate all the thoughts and I’ll keep on moving on. Sounds like it’s not the right buy. Thanks guys
Post: Owner Financing home with Reverse Mortgage
- Posts 19
- Votes 8
Hello,
I wanted to see if anyone has had any experience purchasing a home that has a reverse mortgage. The home I am currently looking at is for sale by owner and was wondering if there was anyway to purchase with owner financing or if the reverse mortgage would cause that to be a problem.
Thanks in advance
Thank you. I appreciate the thoughts and ideas.
Hello everyone
I have an opportunity that I am trying to take advantage of and want to know if I can also take advantage of the 1031 exchange. I have a property that I am close to finishing. Our intent for the property was to be a long term buy and hold. I have found an off market deal that I would like to buy. The plan with the new house would be for my family to move into the home, rent our current home, and also rent the basement of the new home. The two options we have to keep the ball moving would be to pull money out of the property that I am currently working on once it is finished or if it is possible to sell the property and then 1031 exchange it for the new property (which would still be an investment property pulling in month rent). I know there are different stipulations on changing an investment property into a primary residence but I wasn't sure if that would change if part of the home was bringing in a monthly rent. Any advice or ideas would be greatly appreciated. Thanks
Post: Cash Out Refi of Investment Propeties
- Posts 19
- Votes 8
Thanks everyone for the help. Good information
Post: Cash Out Refi of Investment Propeties
- Posts 19
- Votes 8
Quote from @Marc Dube:
Brice, if you paid all cash for your property and can document it with a closing statement, there is no waiting period for a conventional loan. You will be maxed out at 65-70% most likely as it is an investment property. Also, how many units? 4 or less? You could also look at a home equity term loan, as a mortgage will always have closing costs, etc. Home equity loan will have minimal closing costs but not like a mortgage. DSCR loan will probably have easier qualifying terms but you never know.
This is similar to the information I received from the mortgage broker that I'm working with currently. In April I will own the house for a year so I think that I'm leaning towards waiting until then to pull the trigger. Then I can pull the cash out based on the ARV which I think will be more beneficial in the long run.
Post: Cash Out Refi of Investment Propeties
- Posts 19
- Votes 8
Quote from @Dylan M. Davis:
I'm a lender. We're doing cash-outs between 3-6 months of ownership at new appraised value. Qualified on property income! This is a new change for us.. We can cash-out at <3 months of seasoning. Max proceeds would be purchase price + verified rehab costs invested. Floor rates are around 8.125%
That is good to know. Everywhere I've look has a 1 year seasoning period. That interest rate though. Times are rough!
Post: Cash Out Refi of Investment Propeties
- Posts 19
- Votes 8
I also have been in contact with a mortgage broker and I just want to make sure I look into all my options before signing any papers
Post: Cash Out Refi of Investment Propeties
- Posts 19
- Votes 8
What banks offer DSCR? I'm new to this term and idea. I'm going to do some research on this and see what I can find out about it? Thanks for all the help
Post: Cash Out Refi of Investment Propeties
- Posts 19
- Votes 8
Hello everyone
I have a property that was purchased with cash and I'm looking to pull cash out of the property to keep growing the business. I was looking for some recommendations on who you have used to do this. If anyone has any advice it would be greatly appreciated. Thanks in advance and have a great day.