All Forum Posts by: Devin DiManno

Clayton, thanks for the response. I reached out to my provider regarding the PMI. As for the HELOC, the more I research the more it matches your comment regarding using it for home improvements / flips so I may sit on that for a little bit until I educate myself further on those topics.

As for raising capital, I have read the private lenders are a popular way and hard money loans which I do not fully understand yet. Do you have any insight to either you wouldn't mind sharing?

Thanks.

Hi Everyone,

I recently bought my first piece of property 2 years ago (3BD, 2B, 1300 SF) by putting down 10% ($60,000.00). I am looking to refi once the rates drop to bring my P&I down and hopefully eliminate the PMI I am paying. I got this property at the right time, it was on the market for $699,000.00, seller needed to sell, I offered $550,000.00 after they cut to $650,000.00 and we agreed on $600,000.00. Assuming the property is appraised at $650,000.00 I am hoping the equity will get my LVT to 75% eliminating the PMI, adding to the potential cash flow when I go to rent and then putting that cash flow + personal savings away to raise capital to buy another piece of property.

I realize that in order to buy my next piece of property I will want to put down 20% to avoid PMI and a high mortgage but saving 20% for a piece of property in my area is going to take some time due to the high price ranges $500,000-$700,000. I wanted to ask the the group if anyone has used alternate means of raising capital, strictly to buy another piece of investment property.

I am new to the group and looking forward to any dialogue. 

Thanks,