All Forum Posts by: Cha Yang

I guess I worded that wrong. Not looking to take out 100% LTV. I want to take out 70-75% but I don't want to wait 6 months to do it or have to refi twice. Speed is the name of the game in this market. I heard of people finding portfolio lenders or small banks that will let you do this but I haven't had any luck finding those unicorns yet. You're right about the HELOCs, even less chance of finding a lender who will do one of those for an investment property.

@Sam Sharma

Funny thing is I am working with Pine and Kim. I have already closed with Pine and am working with Kim right now. Just a heads up Kim will only do a *NO*-cashout refi first, then you have to wait 6 months to do another refi before you can pull all of your equity out. No problem if your reno takes 6 months or longer but if you plan on a 3 week reno like I am then you will be looking for another refi lender that will let you take cash out right away. Just FYI. That's the boat I am in right now.

Still looking for others who have been able to pull equity out on the first run. 

Thanks @Sam Steadman. I am currently working with one that offers No-cashout refi right away, then they would be able to cashout refi after 6 months. It kind of sucks because you have to pay for two refi closing costs, three if you include the original hard money loan. Just looking for a lender that can cashout right away, but I guess the original route would be better than paying the high interest rates of the original hard money loan for 6 months.

Hey BP, anyone have any referrals for a Brrrr friendly lenders? I have a lender that will do 75% LTV with no rental or title seasoning required but the catch is it's a NO-cash out refi. You can see that this creates a dilemma for me.

@Matt Taschnert

Hey Matt, that's awesome that your looking for more buyers because I am looking for more properties. I'm closing on a property from a wholesaler this Friday but I have a lot of funds I need to get to work and a lot of investors that are pushing me to get on the next project so let me know what you have. Looking for distressed SF and multi families. I can close in two weeks or less. Thanks.

Hey guys, so I'm going head first into this real estate investing game. I closed on two properties this year ( 1 house hack and 1 flip that is currently under reno). I just recently got another property under contract from a wholesaler in my area. I plan to do the Brrr strategy on this new property and initially want to use hard money to fund the purchase and rehab portion. The HM lender was going through my finances and was a little worried about my liquid reserves (I used most my cash on the flip). If the HML falls through I still have enough alternative funding to make the deal happen. Question is 1) Since I have the property under contract can I change financing to cash instead of HM before closing? 2) When you buy from a wholesaler via an assignment contract, do you use the wholesaler's closing company or your own, and who is responsible for scheduling closing? Thanks in advance for your replies!

Got it. Thanks

If you are using a Hard Money Loan, do you disclose this as cash or loan on the offer letter?

I would make the sale contingent on getting a vacant property and let the sellers deal with it. If they are in short sale and motivated they will find a way.

Thanks @Dave Foster & @Dave Toelkes!

I see both of your points. So from what it looks like, to make this work I have to change my intent for the property. Then brake down each transaction into its own section all while holding the intent to rent. If some unforeseen situation or opportunity presents itself then do a Option to purchase and 1031 if the option is exercised.