All Forum Posts by: Jake Vayda

Hey BiggerPockets community,

I’m looking for some advice on an exit strategy for a BRRRR deal I'm working on. I've done this method once before, but this time I'm a bit torn on the best approach. I am looking to buy again in the next six months.

Here’s the situation:

• I own a home in San Diego, currently worth about $1.05 million once the ADU is built.
• I owe $680k on the mortgage at 4.25%, with monthly payments around $5,500.
• The property generates $7,500 in monthly income: $5,200 from the main house as a vacation rental and about $2,300 from the ADU as a mid-term rental.
• My broker is advising me to do a cash-out refinance and switch to a DSCR loan, then move the property into my LLC.
• I’m hesitant because current interest rates are around 8%, and I was originally considering a HELOC due to these high rates.

Given the high rates, would you recommend sticking with the HELOC, or does the DSCR loan make more sense in the long run? I'd appreciate any thoughts or experiences you have with similar situations.

Thanks in advance!

My wife and I would like to buy our dream home next year as our first live-in residence (We’re renting now).

PAST- We bought our first investment home 7 months ago and we have a Hard Money Loan that I'd like to turn into a long term option in the next couple weeks.

PRESENT- We are buying our second investment home now but we have enough cash to do it without needing to pull out equity from our first investment home.

FUTURE- Next year, we would like to buy our DREAM home (3rd home, first residence) for ourselves and we’ll need all the money we can get.

OPTIONS

1. Get a 30 year fixed mortgage now and do a HELOC, Cash-Out, or Home Equity line of Credit when we're ready to buy this expensive home next year. We will have more equity at that point.

2. Transfer my Hard Money Loan into a Cash-Out Refinance now. I’ll get cash that I can save up for our dream home and save a step next year when we’re ready to buy our dream home.

Hello! I just bought my first investment home on February 2nd under my personal name in Oberlin, Ohio. I am trying to find a bank who can do a Cash-Out Refinance, after three months, based on the appraised value of the home. Does anybody know of any banks?

Hey Josue Rivera! I am in the same situation. How did this turn out for you? Did you have to wait 6 months?

Hey Ted DeKowzan! I am in the same situation now, how did it turn out? Were you able get past the six month seasoning period?

Hey Jieh Larson! How did it turn out? I am in the same situation now.

Hello investors!

ABOUT the deal....My wife and I just bought our first home last week under our LLC! We bought it for 100k and after 8k of renovation (Which we already finished) the after repair value is 176k. We are already using it as a Short-Term Rental and plan on NOT using it as a long term rental. We bought the home with a Hard Money Lender at 13% interest.

Where I need your help...I would like to refinance as soon as possible into a commercial loan.Does anybody know any great commercial loans with no seasoning period? (The house is in Oberlin, Ohio). Also, any advice is welcome as this is our first of many.

@Lien Vuong Thanks! 

Anybody know any good handymen near Oberlin, Ohio?

Does anybody know any lenders with no seasoning period that can do a cash out refi? I've already found two but I would like to compare them to others.