All Forum Posts by: Dan S.

Hi,

I am looking to purchase a property for 41K that should appraise for about 60k. I was planning on purchasing with cash and refinancing out as quickly as possible. All I ever heard was waiting for 6 months to do the refinance  - that that was/is the seasoning period required by traditional lenders. But, I was listening to a podcast yesterday (I forget which one) and the story included a guy buying with cash and refinancing right away based on the appraised value.. Does anyone know of this? Thanks in advance.

@Tom Arnold Run the numbers with all expenses included and and see where it lands. Seems like a no go at that price-only play would be capital appreciation if you think it there to gain and you can hold out while you are not making money on this... (unless you buy for right price)..

@Angel Jordan You’d want to pay off the 24% debt because that is tough to get on a rental. Otherwise, can you do a house hack? Buy duplex, rent one and live in the other to get started? Obviously, you’ll have to find an area you can afford for the down payment unless you can get owner financing. Good luck and keep at it!

@Rick Pozos I hear ya Rick. I don’t care if they are local. I think as a REI we often get close to that third rail —- because that’s where often opportunity is - of course that is where problems lie too if we are not careful. Just trying to get some 411... But I feel ya! Thx Rick!

Has anyone used these folks? I'm looking for some money for a purchase...  but seems sketchy.

https://privatelendershome.com/

Thanks

Dan