All Forum Posts by: Brooke Morton

Hi BP! I have a property that I will be selling to a wholesaler. This will be my first time doing a wholesaler deal. I have a few questions and would love to chat with someone if they have 10 minutes. I've researched a bit about how they get paid and the fees they take, but had more questions about how the deal works -- if a title company is involved, and if it's expected to only work with one wholesaler at a time, etc

Any info much appreciated!

Hi! I am looking to connect with Detroit-based wholesalers. I have a property to sell and want to talk. Thanks!

Well, I think the only way out of a construction loan is a mortgage or cash payoff. That's what I thought. I was just hopeful that there might be another option.

CONSTRUCTION LOAN question: I am looking to build a modest, small home for myself. I have just started looking into costs and am seeing a ballpark of $200,000. If I sold my current home, I would pocket $140,000. I imagine I would need a construction loan for at least $100,000. My question is: Aren't construction loans good only for a year? After a year is up, don't you have to transition that into something else? I really want to avoid having a 15- or 30-year mortgage. Any suggestions?

Hi all! I own a cabin that sits on 1.5 acres. I am trying to do a partial release of 0.5 acre so that I can build a separate structure on that piece of land. The reason I need the partial release is that I intend to use the land as the equity/downpayment in a construction loan to build this new structure. Right now, I am in the process of writing the mortgage company and requesting the partial release. They are asking me how much compensation they (the mortgage company) would receive in exchange for releasing this piece of land. What is the lowest I could say? $0? $100? How does this work? Any advice much appreciated!

Has anyone cashed out their 401K to buy a first home for themselves? 

@Joe Homs, what did you buy? An investment property, but what kind? Thanks!

Hi! I write for Realtor.com and am looking to interview someone who used their 401K to buy either a home for themselves or an investment property. Is this you? If so, can I interview you for a story? Thanks! If you have questions, please message me. Happy to answer.

#401K

Hi Hive Mind! Looking to find out more about buying vacant land in NC. Would love to chat with anyone who has purchased vacant land for STR use. Specifically, am looking to find out more about exactly what type of land allows yurts, domes and other non-traditional dwellings. Does it simply have to be unrestricted use land? Or what else do I need to know? Any suggestions appreciated! Thank you.

Hi all! I'm debating taking a HELOC out on my personal home, or doing a refi on an investment property. How to choose? Does it simply come down to which option gives me more cash at a more competitive lending rate? Or is there more that I need to consider?

(I did a refi on my primary back in 2020 and used that cash to buy my second STR, so I know the refi plan works well.)