All Forum Posts by: Cesar Contreras

Hello all,

I've come across a few hud homes that had orange spray marks on the exterior and interior of the foundation. Does anyone know what this means? I've always wondered.

Thanks!

-Cesar

 Thank you, Ryan. -Cesar

Gerrit,

Thank you for your prompt response. This brings a lot of things into light that I didn't consider before, however, I don't see any other option for gathering funds to invest other than using the equity, selling the house, or sitting and waiting until my savings grows large enough. But as you mentioned, I can also look for a cash partner but then I wouldn't having anything to offer other than being a warm body. I'd like to contribute a little more than that. :)

Thanks again for your insight and experience!

-Cesar

Hello all,

Cesar here. I'm new to biggerpockets and looking for some expert advice. Your insights and experience is welcomed!

With that, here is a little about my situation. I recently purchased my first home which was a foreclosure. 

I purchased the foreclosure for $75,000 and put $30,000 into improvements for a total loan amount of $105,000 via an FHA 203k loan. According to the appraiser, the ARV will be between $125,000 and $130,000. My loan officer suggest I refinance after 6 months to get closer to 80% LTV and so that I can ditched the mortgage insurance.

My contractor has offered me an opportunity to partner with him on flipping houses however I don't necessarily have the capital. Since I will have $15,000-$20,000 equity in my house, should I use that to invest in other properties? Good or bad? Crazy, wacky? 

Thank you in advance.

Cesar