All Forum Posts by: Paul Chae

$1200-1250. But I wouldn't mind cutting it down to $1150 or even less as long as cashflow comes out above $100. We will see 

 Yep I sure did find out it's not easy to get out from lower priced deal haha. But I don't regret the first step, nor did I expect this journey to be easy at all. But it feels quite good actually. My agent is going to be the poperty manager as well. He's starting on advertisement very soon. And initial investment was purchase price(45k)+rehab(15k) all in cash. If I sell it, there's going to be significant tax and fees, and I am worried profit would be negligible. Thank you for the advice!

The need to pull cash back out is not too urgent, rather it is just I wouldn't be able to go on searching deals without access to the initial capital I invested to this first house. And with all those points and fees coming along, it may be incorrect, but let's say 5k with 7.5% interest, no seasoning period with 70-75% ARV, I might still do it because ROI would still be great. Cashflow on this house would be not so great($200-300, all other expenses considered). Or would I need to just sell it and move on?

I appreciate your comment!

Yes even though it wouldn't be easy to find one, either I will still have to find one or look into HELOC! I made calls back earlier this March to look for local lenders, and I remember one of them said best option he suggests is HELOC in my situation. And speaking of the agent I work with, I believe his words. But then again I assume doublechecking facts is certainly my responsibility : ) I appreciate your kind comment.

Hello everyone. I hope everyone who's reading this is all well. I have some concerns to share with you guys.

I am a first time BRRRR investor living in NYC.

I purchased a single family rental in South Jersey, and its rehab is almost finished.

I have a question in regards to cash out refi. In typical fashion of BRRRR, I tried to get the property refinanced at 75% ARV. The problem is, ARV is about 82k-90k(purchase price was 45k, all in cash. This ARV is based on RE agent's opinion and comps), which not many lender would do cash out refi for. I realized the bare minimum that they think is worth for work is about 100k. But I managed to find the local mortgage lender who was going to do it at pricey cost and interest. I was going to go for it anyway, to stick to BRRRR strategy. Without refinance, what's the point, right? But the mortgage lender closed the program recently due to Coronavirus. Now, I feel like I am stuck. But I am not panicking or anything, but just trying to look for other creative way to get through this. Would you sell it if you were in my shoe? How can I keep going? I really want to do buy and hold rather than flipping or anything. What I hope to do is to learn how to repeat investing with the initial capital. I'd greatly appreciate all of knowledgeable advices and information. Stay safe everyone.

if anyone knows NJ lender who does cash out for under 100k, with just one month owndership, Please let me know!

Hoyoon

Hello everyone. I hope everyone who's reading this is all well. I have some concerns to share with you guys.

I've posted a similar question before, but still haven't found the answer yet, so here I am writing this again.

I am a first time BRRRR investor living in NYC.

I purchased a single family rental in South Jersey, and its rehab is almost finished.

I have a question in regards to cash out refi. In typical fashion of BRRRR, I tried to get the property refinanced at 75% ARV. The problem is, ARV is about 82k-90k(purchase price was 45k, all in cash. This ARV is based on RE agent's opinion and comps), which not many lender would do cash out refi for. I realized the bare minimum that they think is worth for work is about 100k. But I managed to find the local mortgage lender who was going to do it at pricey cost and interest. I was going to go for it anyway, to stick to BRRRR strategy. Without refinance, what's the point, right? But the mortgage lender closed the program recently due to Coronavirus. Now, I feel like I am stuck. But I am not panicking or anything, but just trying to look for other creative way to get through this. Would you sell it if you were in my shoe? How can I keep going? I really want to do buy and hold rather than flipping or anything. What I hope to do is to learn how to repeat investing with the initial capital. I'd greatly appreciate all of knowledgeable advices and information. Stay safe everyone.

if anyone knows NJ lender who does cash out for under 100k, with just one month ownership, Please let me know!

Hoyoon

Hello everyone. I hope everyone who's reading this is all well. I have some concerns to share with you guys.

I am a first time BRRRR investor living in NYC.

I purchased a single family rental in South Jersey, and its rehab is almost finished.

I have a question in regards to cash out refi. In typical fashion of BRRRR, I tried to get the property refinanced at 75% ARV. The problem is, ARV is about 82k-90k(purchase price was 45k, all in cash. This ARV is based on RE agent's opinion and comps), which not many lender would do cash out refi for. I realized the bare minimum that they think is worth for work is about 100k. But I managed to find the local mortgage lender who was going to do it at pricey cost and interest. I was going to go for it anyway, to stick to BRRRR strategy. Without refinance, what's the point, right? But the mortgage lender closed the program recently due to Coronavirus. Now, I feel like I am stuck. But I am not panicking or anything, but just trying to look for other creative way to get through this. Would you sell it if you were in my shoe? How can I keep going? I really want to do buy and hold rather than flipping or anything. What I hope to do is to learn how to repeat investing with the initial capital. I'd greatly appreciate all of knowledgeable advices and information. Stay safe everyone.

if anyone knows NJ lender who does cash out for under 100k, with just one month owndership, Please let me know!

Hoyoon

 Thanks a lot for your kind info! I've had only one lender in mind, and now I might be looking at another potential choice. I will definitely reach out to her. Thanks again have a great day

Hello everyone.

I am a first time investor in NY, investing in NJ.

I got approved for some amount of business credit a few days ago, and am working on a small rehab project.

This is the term that I've got, the total limit of my business lines of credit is $10,000 at 0% APR,

Can I utilize them at 100% of the total amount and pay only the minimum and pay the rest back in a month or two, OR the general rule of thumb that you need to keep your balance at about 35% of the it at all times apply here as well? I just don't want this way of funding to eat up my credit score

Thanks in advance for your advice guys. Happy investing

 Hi John. Well I have been hearing about some lenders who could be of help, not so sure yet, I might have found some. 6months waiting is too long obviously. We will see how it goes.