All Forum Posts by: Daniel Eden
Daniel Eden has started 3 posts and replied 5 times.
Post: How long before you can refinance if borrowing from a hard money?
- Posts 6
- Votes 2
Originally posted by @Jay Hinrichs:
Originally posted by @Daniel Eden:
Originally posted by @Jay Hinrichs:
Originally posted by @Joshua Haynes:
1. Probably As soon as you get it
2. I wouldn't see why not
couple things first the HML may have a pre pay penalty not always but many do.
its not the HML that dictates how soon its the take out or refi lender.. there normally is a 6 month seasoning but I hear tell there are some lenders that dont require seasoning.. maybe those are local banks or credit unions or lenders that are not doing fannie.
safe to say by the time you buy it rehab it etc the 6 months goes pretty quick and should not be an issue.
If there is no 6 month seasoning, and no penalty, than what does the hml get out of it? Also, if it takes 6 months to rehab and get the house ready, thats 6 months with no cashflow. How can you expect to pay the interest payments? And why would a refi lender have a waiting period?
well if you cant make payments on a vacant house for 6 months its a totally moot point..
I get what you are saying. It just seems to me that whenever they do one of these webinars they make it seem like you can buy a house through an hml, rehab it, rent it out, and then refi it all before any payments to the hml are due. Also, I'm just trying to understand what the hml gets out of it if you refi it right away, or within a few months.
Post: How long before you can refinance if borrowing from a hard money?
- Posts 6
- Votes 2
Originally posted by @Jay Hinrichs:
Originally posted by @Joshua Haynes:
1. Probably As soon as you get it
2. I wouldn't see why not
couple things first the HML may have a pre pay penalty not always but many do.
its not the HML that dictates how soon its the take out or refi lender.. there normally is a 6 month seasoning but I hear tell there are some lenders that dont require seasoning.. maybe those are local banks or credit unions or lenders that are not doing fannie.
safe to say by the time you buy it rehab it etc the 6 months goes pretty quick and should not be an issue.
If there is no 6 month seasoning, and no penalty, than what does the hml get out of it? Also, if it takes 6 months to rehab and get the house ready, thats 6 months with no cashflow. How can you expect to pay the interest payments? And why would a refi lender have a waiting period?
Post: How long before you can refinance if borrowing from a hard money?
- Posts 6
- Votes 2
Hi Everyone,
Quick couple of questions:
1. If you borrow hard money, how soon can you refinance?
2. Does the answer to the question above apply to a personal home loan?
Thank you!
Post: [All You Can Analyze Weekend]
- Posts 6
- Votes 2
*This link comes directly from our calculators, based on information input by the member who posted.
Post: Investing in real estate during the pandemic
- Posts 6
- Votes 2
Hi Everyone,
I'm new to BiggerPockets and I'm excited to start my journey into investing into real estate.
Question: What are people's thoughts about investing in single family homes, duplexes, etc, at this point in the pandemic. My worry is that as soon as I invest there will be another housing crash.
Thanks!