All Forum Posts by: Brice Perry

Well I appreciate all the thoughts and I’ll keep on moving on. Sounds like it’s not the right buy. Thanks guys 

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

Thanks everyone for the help. Good information 

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.

That is good to know. Everywhere I've look has a 1 year seasoning period. That interest rate though. Times are rough!

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

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

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.