All Forum Posts by: Charles Coaston

@Stephanie P.

I have the credit cards but i'll have situations where I need to give someone cash.  Yes, I can get cash advances but im not sure I want to play the credit card game. although I could use my WF as a back up cause its interest free until 2021

@Bruce C.

Yes, the rehab is only 20k more with 10% unforeseen cost. What do you mean by HD? Whats a LOC? I just got a Wells Fargo Card with there offering is that what you mean?

$2500 just to give you the money? Wonder if it is different if you already own the home. 

@Andrew Postell

Thanks! Just going to use my current hard money lender. He seems to have agreed on my terms. So I'll just move forward with this. The time that I posted this is when I sent him a text message.

@Dan Gamache

After the rehab, the property would appraise at 105k. I paid 22k for it. 

When I made this post I also message my hard money lender to see if he would make an exception. He agreed. So i think I'm good. I'll be able to do 20k. 

@Roman M.

Wow! minimum 100k!! Good thing I live in the Pittsburgh area where the economy is different. I could see how some would only go that route. 

@Brian Van Pelt

I couldn't agree with you more.

Did you happen to find someone to fund your deal? Looking for hard money to rehab a rental I own. 

I used a hard money lender in the Pittsburgh area hardmoneypgh.com. I would like to use them again however I only need a little over 20k to rehab this home and get it rented. The plan is to rehab home, rent it out and go to the bank and take out money against the property and then reinvest in a 2 - 4 unit home. 

The issue with the hard money lender I dealt with requires a minimum of 30k. I would pay interest on that 30k. I don't need 30k. I could take out 30k and ot use the full amount and pay back what I did not use. I would rather not pay interest on 30k but pay interest on 20k. Does anyone have any recommendations in my area or nationally?

Thanks

Thanks Guys!

Biggerpockets,

I just bought a home through conventional financing a few months ago. Now I'm looking at a duplex that I want to get a conventional loan on but make it my investment property. In order for me to get this duplex I'm eyeing using conventional terms are as follows:

Subject property is 93k

 I will need at least 20% down no if and's or but's.  I will also have another $2600 in pre-paids that cover the mortgage for 6 months and 7k in closing costs. Also asking the seller for 2% seller assist. This will put me at approx 26k for normal financing.

So I asked him why is the closing cost so high and he responded:

Bank fees are approximately three to $4000, transfer tax is 1% of the sales price, and title insurance is typically 1% of the sales price.

Does this sound fair?

I'm I able to get a FHA loan and make the duplex my primary residents fro a year and then rent it out? Remind you I bought a home a few months ago with conventional financing.

Please assist...