All Forum Posts by: Daniel Martinez

Good afternoon all! Would anyone in the South Florida area like to meet up to talk about RE investing? I'm new to South Florida and think it would be great to meet others just starting out as well. Who knows, maybe it could lead to some great things. If there's already some active meetups you know about could you share where and when. Thank you!

@Brian Gerlach @Austin Hanse @Cameron McCown Thank you for your insight! The concept of refinancing a property with no existing mortgage wasn’t clicking with me. Now I understand that any loan that isn’t considered a purchase is called a refi despite the fact that there isn’t a loan to pay back. So a HELCO or conventional/fha cash-out refinance would be possible in this case if the numbers made sense.

@Diana Muresan - This is what I initially wanted to do but my broker told me I wouldn’t be approved because of the condition of the house. I’m working on getting an estimate for repairs. A section of the home has a leaky roof which caused mold. This would be my first home and would occupy it until it’s built up enough equity to take advantage of and either sell or rent it depending on market conditions.

Hi all! Forgive my ignorance as this is my first time posting and I’m new to real estate investing.

There’s a home I’d like to purchase that’s in need of a rehab. They’re asking for $150,000 cash. Similar homes in the surrounding area are selling for around $280,000.

My question is this, suppose I could get a private loan for the $150,000 and purchase the house. Assuming the value of the home increases after some work is done, could I then turn around and apply for a home equity loan to pay back the initial private loan?

Is this strategy plausible?