All Forum Posts by: David Jackson

Bookmarked as well! Thanks a lot.

@Alexander Biniam do you mind sharing your references for plumber and electrician. Thanks

@Andrew Postell wouldn't the purpose of land trust (anonymity) fail once the property title is changed to the land trust from original name of the owner? 

what if the property is in land trust?

@Danielle Wolter yep i didnt go with that rep anymore since hes giving me shady advices so i dont trust him with anything. 

@Chris Mason correct, i am going with cash buys now and look into auction ones, do you think HUD ones would be good buys too? Also, how much discount i should be asking for cash deals. They would deduct from seller fees or how it would work? I am new to this but BP has helped a lot.

The goal was not to put 20% down, so looks like to get conventional loan for a flip or rental i would need to reside there for a year. But again, for a loan to flip the house needs to be in habitable condition, defeats the purpose of flip. Looks like my only other option is to use Cashout Refinance or HELOC on the first investment property which is clean and clear.

Am i missing something? 

Thank you for the information! I knew it was shady and thats why i posted here to see whats going on. The lender is a Federal Credit Union. I don't know if i should name the bank or not.

Obviously, i wont be going forward with this. Would it work if i make a down payment of 20% so its an investment property?

So i was talking to the lender and i told him i am going to flip or rent the property after rehab. He said i can go with conventional 30y loan with 5% down. I asked him if this kind of loan can be used for the investment i'm trying to make. He said, no one will check if its my primary or not so i'll be fine.

Now the question is, should i go along? It will be my second investment property. The first one is clean and clear now.

i think it would be wise to keep the rental, get a cash out refinance and buy more rental properties. I am in a similar situation and all my research leads to this conclusion. 

I am new to investing in RE. I can get HELOC on a property i already own clean and clear (rental) or i can get a loan for a primary residence and use it to get another rental or flip it.

Should i use HELOC and buy auctioned properties for a flip or conventional loan to buy a non auction for a rental/ flip?

The reason for asking this is because i feel auctioned properties can be flipped for a good profit but they require cash to bid and HELOC solves that.