All Forum Posts by: Chase Burkett

Is their anyone in the Huntsville area who has had to deal with permit and zoning issues with a short term rental, Airbnb or Vrbo? I have a couple questions if you would be so kind to PM me. Thanks!

Hey Everybody, I was curious if anybody had an attorney here in Huntsville that they have used to write up a contract for a hard money lender? Thanks!

@Kyle J. So I would have to pay back the 94K?

I am about to close on the refinance of my house. We bought it for 190k, did a massive amount of rehab ourselves, and just got appraisal today at 345k. After the 69k left in the loan for the 20% do I have to pay taxes on the 94k remaining cash I plan on taking out?

Hey everybody, I am new to the Huntsville area and would love to meet some fellow BP enthusiasts! Are there currently and monthly meet ups??

Is there a way around waiting 6 months to refinance?@JD Martin

Thanks man, my next question would be when you do the refinance portion of the process for example. My second purchase I’m wanting to look for a home that is roughly 100k put 20% down so 20k and do 20k in rehab, will I have to pay taxes on the money pulled out of the first house since I want to use cash taken from the first houses refinance? Hopefully that makes since. @JD Martin

You guys are awesome thanks for the input! @Cody Barna

Just bought our first home here in Huntsville Alabama, it was a foreclosure for 190k and I believe it will appraise for 290k once completely renovated. We are about 90% done but the lender said we will have to wait 3 more months to refinance. Once we refinance I’m planning on rolling money we made from the rehab into the next property. But I’m very new this whole process. My question is can I make the Brrrr method work by rolling money from the first house into the second house putting 20% down and having cash from the refinance to rehab the second?

Hey everyone, just started with BP and was wondering about some creative options as it pertains to my current situation. I work for a company who provides a corporate apartment so I don’t have a mortgage or pay any rent, I want to take advantage of the fha 203k loan and try to cash flow with a 2, 3, or 4 plex while living in one unit and renting the others out potentially. If I wanted to do the traditional fha loan could I still use the brrrr method even though I technically have to live in the unit for a year? I want to know if there’s any option as well to take advantage of my current free housing and using the fha without committing mortgage fraud.