All Forum Posts by: Emilio Basa

@Keith Jourdan - these pics are great! Great job! 

Thanks @Account Closed for the advice. I talked to an investor that I know that does hard money loans. They said they'd be interested in giving a 6 month interest only loan. 6 months should be long enough to find a lender that will help me refinance. I just need to find someone that can do it at a reasonable rate. 

@Stephanie Medellin - That was the plan. 2 closings. One for a purchase (so I get the title in my name) and one for a refinance. 

Thanks for replying @Ann Bellamy. LC = Land Contract. I have a land contract with the owner of the home however when we closed on the land contract it was not recorded correctly. So technically since it was not closed correctly then it still belongs to them which means I can't sell the property or refinance the property. The seller wants me to purchase the property, but the issue is that I do not own it. 

I purchased a multi family property in a very desirable location on LC. I have a lot of equity in the property and can sell it for 2x what I paid for it. I did have to rehab some of the property and I used credit cards to finance the repairs and materials. I contacted Visio Lending and they were going to refinance me out of the LC with a cash out refi. 

They worked very hard to make it happen only to find out that I don't own the property because the LC was not closed on LC. I'm still working with a great title company and the owner on obtaining clean title. We can have clean title upon closing, but now Visio is telling me they can only refinance the property after I purchase the property. They told me that they I can purchase the property with a loan via them and also refinance after 30 days with them as well. However they are charging me 2x because it is 2 loans (purchase and refinance) and also I need a sizable deposit to close the first loan! I decided to turn them down because I don't have the funds to obtain the first purchasing loan. 

Longgggggggggggg story short... I need some advice. I don't want to sell, but I'm considering it since I can use the profits to pay off all my debts and have enough money to purchase another property/properties. I really don't want to sell though, but how do I get the equity out? I was thinking about purchasing the property through a hard money lender, get clean title and pay interest only for a year. Then refinance out of the hard money loan. Any thoughts or advice would be greatly appreciated. 

@Ian Godfrey - What's the exact address?

Welcome @Michael Allen! Glad to meet you and hopefully do some business in the future. Are you looking to flip or buy and hold? 

Good luck @Account Closed. If you're interested I might need help with someone visiting properties for me to take photos and ask initial questions. 

Hi Jeff,

Good luck with your flipping projects. If you're looking for a wholesaler let me know. I can find a good deal for you in the Metro area. 

@John Baluch - Hi John. Good luck with finding some properties for yourself. PM me and I can help you out if I can.