All Forum Posts by: Corey Bogaski

@Jay Hurst I occupy the property under a VA loan currently.

Thanks for the comment.. I plan on holding at least for the next 3-5 years. Roof has some shingles popping up. Was debating on just getting some repairs or redoing the whole roof. Deff don’t want any leaks so leaning more towards just getting a whole new one since this one is a little over 20 y/o. 

So i bought a SFH in October for 155k. I dont have a favorable loan at 6.125% so not losing much if it goes up. Since, I rehabbed most of the house. its a 4bed 2bath, with all new carpet, floor, paint, 1 brand new bathroom. ARV in the area is between 190-225k for the sq. ft. and bedroom/bathrooms. I havent done the kitchen yet, 1 of the bathrooms (neither are in terrible condition) and it also is in need of a new roof.

I came here to ask this; I want to do a cashout refinance. I know the bathroom and kitchen rehab would help with getting a better appraisal. Does getting a new roof raise appraisal for refinance?

question 2- What is my first step to getting a cashout refi? is it as easy as reaching out to my broker?

This is my first property. With this cash, i would like to use it to rehab the bathroom/kitchen, then using the rest to using my FHA loan again into a multi-family property by the end of this year.

Any tips and insight help. Thank you!

Thanks guys...the question stems from an investor i was talking to and he says that he's found that working with a credit union was better for him rather than a broker. But, he also makes a-lot more than i do and has tons of properties already so maybe that why. I will for sure stick with the broker as he is a good friend and made my first time extremely easy to do. 

I might just open up a PNC account for the separate banking situation than.  

For my first property I used a broker who has access to over 20+ lines of financing. 
someone told me to go through a credit union, specifically Clearview. 
I was going to set up an account there (keep my RE investments separate from personal banking) but another person told me Clearview was a bad option to go through. 
This is a 2 part question; what is the best experience yinz have had with credit unions and what would be a good recommendation for me to open up another account for my RE investment (1 property so far so mortgage/utilities and savings for said property). 
thank you !

Since you have a relationship with the owners and they are retiring and moving, you should look into creative/seller finance. It may be in there best benefit to do it that way and would give you a chance to acquire the property with little to no money down!

I am also in Pittsburgh and just bought my first property and currently trying to use creative finance to land a 2nd property before i use my owner occupied loan to buy again! 

 That would only be if i was assuming the existing mortgage though, correct?

 That is good to know, thank you!

 Thank you i appreciate it!

Hey, i have an opportunity to possibly get a 3-unit (all 1b/1bath) through seller finance. I have a few questions. 

How to structure the deal? 

Does the loan i will technically be assuming add to my Debt-to-income ratio? Will that affect me trying to buy a property with conventional loan like FHA or VA?

If i put money into the property and force appreciation, am i able to cashout refi on it? 

I am just trying to understand all the pros/cons of buying a property seller finance. Thank you to anyone in advance who answers and hope this question helps others as well!