All Forum Posts by: Howard Montaque

That "Hopefully" part is my concern...

What about my credit report?

So what happens when you go to cash out refinance and you have used your HELOC and personal loans to buy the property and rehab while keeping your liquid cash on hand. The bank runs your credit for the cash out refinance and sees youre over $100k in debt?!!!

That 60% occupancy has had me concerned since we visited last year. On the other hand I think long term equity will be good because of the plans for growth. The problem is I just turned 55 and I dont have time for the years to go by. Im trying to get to $8k to $10k a month net ASAP. We need to move to Costa Rica!

Signed a contract today for $345k. Thanks for the responses! Live and Learn.

Yes

I had a lender that could not keep his word of 90% LTV and 100% of the rehab. I had to go back to my old lender who gave 80% and no rehab. This has left me maxing out all my credit to get the house partially rehabbed. The important things were pricey. The roof and pool. I bought the house for $265k. The roof was $25k and the pool was $30k. Totaling $320k. The closing cost will be around $20k. We are at $340k. I have held the house now 5 months at $2448.23 a month. I have had offers from $300k to $340k but the pool has 2 weeks until completion and should help a lot with the sale as buyers will see it all practically new.

I was just offered $340k and the house needs about $100k in rehab. Comps are around $500k.

Its listed for $390k.

Do I try to hang on or do I sell and take the loss?

The house is in my profile.

Howard

Did you do it? How did it work out? We are planning to buy cash properties and cash out refinance to buy and repeat.

@Joshua Kolnitys

Where would this "other thread" be located at. I dont live where I plan to invest and work full time so running a management company wont work for me. Thanks!

Hello Joshua,

Thanks for starting the conversation. I want to know how to scale my business. I have been flipping for a couple of years. I have saved my cash and ready to transition into STR. My investment partners want to get involved also.

So looking for destressed homes can work and help scale with BRRRR tactics. How would you scale otherwise? I want to have 5 or 6 homes a year.

Howard