All Forum Posts by: Hyeseong Park

I found a really good deal in PA and the seller is asking $35k and rehab will be around $20k so I need around $48-50k. 

Need a fast closing lender. 

Have a fix and flip experience. 

Credit score: 721

 explain nicely

 yeah like delayed financing. But yeah wow, then people don't really have to get active income from flipping business or something like that if I do cash out refi well. 70k is when coming from my pocket. 

Hello I'm curious if this strategy is theoretically possible to expand super fast wealth as below:

For example, I buy a rental property for $70,000 in cash and then immediately did a cash-out refinance to get $56,000 in cash (I know usually it takes 3-6 months season to cashout refi, but as long as one lender is able to do refinance it)

I then use $24,000 of the $56,000 I borrow as a 20% down payment to buy a $120,000 rental property. After that, I do another cash-out refinance on the $120,000 property at 80% LTV to get $96,000 in cash. Now I have $32000 + $96000 cash in my pocket. Is it feasible to get $96,000 in cash eventually from the second cash-out refinance in this way and keep expanding wealth in this way?

This is not BRRRR I think.
 

(As long as the real estate value, loan conditions, and cash flow all are feasible.)

 Yes.

Does anybody know if my father can prove his income to a lender when I try applying for an FHA loan instead of my income?

Also want to know if the father needs to be a US citizen or permanent resident, as my dad is from a different country but I'm a permanent resident in PA.

Not sure if this is depending on each lender since it is related to Federal.

Thank you!

Does anybody know if my father can prove his income to a lender when I try applying for an FHA loan instead of my income?

Also want to know if the father needs to be a US citizen or permanent resident, as my dad is from a different country but I'm a permanent resident in PA. 

Not sure if this is depending on each lender since it is related to Federal.

Thank you!