All Forum Posts by: Benjamin Voorhis

Looking for banks that will work for the BRRRR strategy in dallas tx area. Cash out refinance on investment properties based off the appraised value and have 6 month or less seasoning periods for their refinances.

Yea I didnt know if BRRR included a cash out or just a regular refi. But Ill look it up, thanks Paul!

Thanks for the info Brie, so I could do 4 of these, then if I wanted to get out of future notes, I would just have to do a standard rate and term refi?

I am planning on purchasing my next rental property soon and was wondering how cash out refinancing works. My local bank has good loans for rentals (I pay 20% of purchase price and rehab, so if I purchase for 80, rehab is 20, my costs would be 20k plus closing costs) the note is on a 15 year note but carries a higher interest rate and has a 2 year pre payment penalty. What I want to do is purchase these homes with this investment and do a cash out refi (I believe is up to 75% LTV minus closing costs). If I buy right, I should have instant equity, plus build up equity fast on the 15 year note, and I should be able to cash out what I put in on the property, putting the remainder on a 30 year fixed rate at that point. My question is, is this doable, can I cash out multiple properties? I can buy about 3-4 properties like this a year, and as they come up to their two year mark, I would cash out and pull my money back out and buy more, but not sure if that is realistic.

Thanks!

so what did you end up doing?  I was in the same boat and decided to convert out garage as well.  It's been a great decision!

https://www.airbnb.com/rooms/13745443

Are there any lenders in the BP community who would be able to help us out with an FHA loan for a multi-family property?

I've had a lender tell me that you can't use FHA for a personal residence on a multi-family. I don't think this is true but was wondering on some advice from the BP community.

Thanks Geraldo for the tips, I wonder what a smooth response is to responding to the question of how we got their number?  

Thanks Rick for the insight on checking with title for who the owner is.  We do have cash and assets to acquire these properties, I just want to begin getting skills to find leads on my own without relying on my agent or other wholesalers. 

Also, would a title company have any knowledge about possible equity in the property?  I know that we are kind of in the dark on that information if we just cold call them.   I

So I began to drive for dollars with a friend of mine and took down addresses for several properties and finding a handful of properties that are clearly abandoned. I have a few questions about what comes next. 1) what's a good resources for finding numbers for the names we find of the tax records? 2) what is good verbiage when we call these prospective leads? We would like to set up appointments and see if we can't get these houses under assignment or purchase them ourselves. Thanks for any other info y'all may provide!

So I have a very small amount of experience in real estate, I own one rental and my personal residence. I want to begin to look around for insurance for flipping homes. I have a great team set up, and we are ready to rock, I just need some guidance on what to look for, what prices to expect, and any recommendations in the Dallas area. Thanks,