All Forum Posts by: Jacqueline Segui

Congratulations!!!!

@Mary Lou L and Jerry Padilla. Thank you both for your input. It was my understanding that the cash out refinance did not require W2 and that the rental income from the property  would be used. The reason for the cash out refinance is to let rental income pay mortgage and reuse the cashed out funds to purchase another property. Please correct me if I'm wrong

@Matt Powell Thank you so much for taking the time out to write such a detailed response. I greatly appreciate it. I have been following the links re: cash out refinance on BP, however what I was unsure about was whether you had to have W2 income to get a cash out refinance. I have been researching Fannie Mae's Cash Out Refinance program on their website and as I understand it as long as the property has no existing mortgage on it due to purchase as an all cash transaction you may do the cash out refinance with no W2 income needed. The six month waiting period on these properties has now been waived. You must be able to document where the cash used to purchase the property came from; The new loan amount may not exceed the property's original purchase price; A title search must show there are no liens on the home; Homes purchased must be arms length transactions and proof that an actual sale occurred is demonstrated by the fully executed HUD-1 statement; Loans are for 70% LTV on 1-4 unit properties. Delayed mortgage can also be used on second homes, vacation properties and rental units; You can also finance more that 4 properties. If any one has any other insights, information or corrections to this please share.

Can a new full time investor do a cash out refinance on their first investment property?  What are the steps to do so?

I have been spending every free moment educating myself about real estate investing through the Bigger Pockets website and related materials.  I just finished the free course A Beginner's Course to Real Estate Investing which provides a good overview of the nuts and bolts of real estate investing.  I especially found the sections on deal analysis, owner financing and exit strategies particularly helpful.  I finished the Ultimate Beginner's Guide to Real Estate Investing and I am currently reading Flip and Rich Dad Poor Dad and the BP guide to deal analysis.  I have also listened the the current podcast as well as podcasts 1-28. I have been on the marketplace briefly.  The one recommendation I would make is to have the offerings filtered by price as well.  (You may already be able to do that. )  I plan on ordering the book on Rental Property Investing and Managing Rental Properties.  I write all of this to say that for anyone new to the community like I am there is a wealth of information just dive in the learning is fine!  Thank you BP

That's awesome.  

Congratulations.

Hello Miranda  Thanks for your response.  I am beginning to draft my letter of interest with my contact information.  I am also considering stopping by to speak with them.

Hello Everyone, 

My name is Jacqueline, while driving for dollars I saw a house that seems vacant.  I am not sure that it is.  I researched the property and found out who the owners are.  From what I can tell the house owned outright. I found out the owner is an elderly woman and perhaps her children who are also older people.  The data I found indicates they may actually still live in the home.  This area may be targeted by realtors because the home owners are getting older.  The house is in a nice area and it is not listed for sale. I would like to make an offer and suggest possible owner financing but I don't want to offend them. From the outside it looks like considerable work may be involved.

 How should I proceed?

Thank you all for your insights.  My adventure begins.

I am new to the Baltimore, MD area and am investigating setting up my team.  Can anyone describe the steps they used to locate area professionals such as real estate agents, attorneys, title companies, contractors, accountants, home inspectors and appraisers and property mangers.