All Forum Posts by: Frank Capaldi

I have been following the Detroit market for a while now and I am ready to make the dive in. I am looking for Real Estate Agents and Property Managers in the Detroit area. I am planning on flying in around the second to last week of September for a few days. Anyone have any recommendations for Real Estate Agents and Property Managers in the area???

I am literally having the same issue right now. Its funny because you always here about the BRRR method but they never say anything about the actual refinance part of it. They actually make it sound like its no big deal. The good part is that you took action and bought the property.

But anyways,  I am going through the same problem.  I have a 2 family that i just did some major renovations on and I want to refinance that because there is a LOT of equity in it and I want to repay myself for the renovations.  I also, just purchased a 3 family and borrowed the money from a hard money lender.  

So far I have made the most progress with Pawtucket Credit Union which is a local bank. They will refinance a property under 6 months.....BUTTTT here is the problem....Due to new laws set by the credit unions you MUST own the property for at least a year to be able to take out 75% of the LTV. You CAN refinance or take a line out before 1 year BUT they will only give you 75% of the sale price.

So..if you borrowed $150k from a hard money lender for a house that was $150K and wanted to refinance or get a line on the property to pay back the hard money lender, you will only be able to get 75% of the sale price of the $150K which would be $112,000.  See the problem.  If you bought a house that need to be renovated you would still be out for those expenses and short on paying back the lender.

I am working on a couple other ways right now.  I will keep you posted on what I am going to do.  

Yeah i would wait until the updates are complete. Are mortgage rates really better than HELOC rates? I just got one on my house and it is 1.9% then goes to Prime after the first year but then i can always refinance it for a better rate. And the reason I think its better to do it that way is because once i get the HELOC i can pay myself back the cash i used to buy the property then i am into the house for 0$ out of pocket

Is there a certain time frame to apply for a line of credit on a home that you paid cash for?  I am trying to figure out a good strategy.  Ideally, I would want to buy a home cash, fix it up if needed and then open a line of credit to get my cash back and have the rents pay for the line like a mortgage.  Any info on or recommendations for this strategy please reply!!! Thanks!

The market here in Rhode Island is very hot but VERY overpriced with little room for ROI. I am starting to consider investing in out-of- state real estate. Where are the best up and coming markets? I finally realized that just because my local market is to competitive it does not mean that I should only be limited to where I live! I keep hearing about Michigan, Florida, Indiana and Ohio. I would love some feedback, thanks!!

I am currently looking for hard money lenders in Rhode Island.   

Has anyone used GroundFloor for hard money lending??

Is this home still for sale?

I am looking for realtors and or property managers that are in the Toledo area.  I am very interested in the market there.  I also have a partner that will be going in with me.  Thanks!

what is the status of this property?