All Forum Posts by: Chuong Nguyeen

Hello All. I am in the process of making an offer on a new construction in a development, priced at 199.99k, 2 bedrooms, 1 bath, unfinished basement (will do it ourselves). I am planning to hold it and rent it out. Has anybody go this route? What are your thoughts about this strategy? Any inputs are welcome.

Hi anh @Michael Thach,  I have some cash reserved and investment from my sister.  My uncle is very handy so I will partnered up with him.  I'm just going to start out small around 80-100k range, 20k down and 10k to renovate.  Being this is my first time, I give a timeline up to 12 months.

Thank you @Whitney Hutten for your suggestion. The lender I asked didn't mention anything about a HELOC. I will definitely ask around for more options.

Once again @Zach Westerfield. Thank you for your response.  I actually talked to a local lender earlier, He said I could do a cash-out refinance at 3.25% which is about $110 more than my current rate and I could take out 30k.  I will ask around with a couple more lenders.  

@Zach Westerfield Thank you so much for your reply. I do not have PMI on it and my current rate is 3%. I plan on staying for a long time. I was thinking about the HELOC. I want to start out doing BRRRR.

Hello BP family, this is my first post so bear with me. I have a $143k left on my mortgage and the current estimate value is around $216k. I have a USDA loan.  Do I refinance to a conventional? Welcome all inputs. Thank you for your time.