All Forum Posts by: Account Closed

This question is specific to my situation and would like some input please:

Have completed two deals in the last 10 years, one live in flip and the other is a BRRRR that I'm living in right now and plan to rent out. The Live-in BRRRR is almost complete with its renovation and I plan to rent it out in the next couple of months. I used a VA Rehab loan to get the bulk of the work completed by a contractor and am finishing up the rest of the work myself.

The next step I foresee is to either house hack or purchase a SFR rental using conventional financing, whichever deal makes most sense. What I'm unsure about is the best way to go about financing the next purchase?

Current situation:

The Live-in BRRRR was purchase using a VA Rehab loan @ 3.25%, zero down, approximately $60k in equity today 06/2019, which I think is about 17% of the likely appraised value.

Potential options for financing the next deal:

1. Refinance the current Live-in BRRRR into a conventional 17% down at a higher interest rate + PMI until 20% equity is achieved. This will free up the VA loan to use again and wrap the Rehab costs into the purchase price but will for sure increase the BRRRR property monthly mortgage payment.

2. Keep the Live-in BRRRR loan as is but borrow against the $60k equity in the form of a HELOC for help finance other deals.

3. Keep the Live-in BRRRR loan as is and use my cash reserves (approximately 13k) to purchase a property and Live-in BRRRR it. I suppose the $13k can either be used for a <20% conventional purchase or hard/private loan + refi. I mentioned <20% because $13k will not provide enough of a down payment to achieve 20% down in the Phoenix/East Valley area.

4. Some other option I don’t see.

Again, the question is: what is my best option for financing my next deal with my current situation?

Feel free to reach out with other details you feel are essential in making a decision, thanks!

This question is specific to my situation and would like some input please:

Have completed two deals in the last 10 years, one live in flip and the other is a BRRRR that I'm living in right now and plan to rent out. The Live-in BRRRR is almost complete with its renovation and I plan to rent it out in the next couple of months. I used a VA Rehab loan to get the bulk of the work completed by a contractor and am finishing up the rest of the work myself.

The next step I foresee is to either house hack or purchase a SFR rental using conventional financing, whichever deal makes most sense. What I'm unsure about is the best way to go about financing the next purchase?

Current situation:

The Live-in BRRRR was purchase using a VA Rehab loan @ 3.25%, zero down, approximately $60k in equity today 06/2019, which I think is about 17% of the likely appraised value.

Potential options for financing the next deal:

1. Refinance the current Live-in BRRRR into a conventional 17% down at a higher interest rate + PMI until 20% equity is achieved. This will free up the VA loan to use again and wrap the Rehab costs into the purchase price but will for sure increase the BRRRR property monthly mortgage payment.

2. Keep the Live-in BRRRR loan as is but borrow against the $60k equity in the form of a HELOC for help finance other deals.

3. Keep the Live-in BRRRR loan as is and use my cash reserves (approximately 13k) to purchase a property and Live-in BRRRR it. I suppose the $13k can either be used for a <20% conventional purchase or hard/private loan + refi. I mentioned <20% because $13k will not provide enough of a down payment to achieve 20% down in the Phoenix/East Valley area.

4. Some other option I don’t see.

Again, the question is: what is my best option for financing my next deal with my current situation?

Feel free to reach out with other details you feel are essential in making a decision, thanks!

FGMC was the lender. They have a SFH construction to perm product but not for multi-families.

did you happen to find anyone?

Not sure, thanks for the tip though. I live out of state so a physical meetup may be a challenge. I did get in contact with a Fresno agent however.

Posting this again to a different thread: This is an older post, but do any of you know of wholesalers in the Hanford, California and surrounding areas? Thanks!

This is an older post, but do any of you know of wholesalers in the Hanford, California and surrounding areas? Thanks!

Is this still available?

5780 E Preakness Dr, San Tan Valley, AZ, 85140

I used iMortgage for my VA Rehab loan on my personal residence and had no issues with them. Since this is an unconventional lending instrument, you have to make sure all your ducks are in a row (contractors willing to perform the work, dates of work start/completion, all additional paperwork completed, etc), but it was well worth it. Prior to this, I was looking into purchasing a piece of land and building a home using a New Construction VA loan. Finding a lender willing to do this was quite difficult, but ended up finding FGMC http://fgmc.com . They will do this type of loan. The only reason I didn't move foreword is because I was trying to build a multi family to house hack - they will only finance SFRs. Hope this helps, feel free to contact me regarding details.

I assume sending a message would work best?