All Forum Posts by: Jake Vayda

Hello! I am buying a house in Oberlin, Ohio and I'm looking for a thirty-year fixed loan that lets me do a cash out refinance in under six months for at least 70% of the after repair value. Anyone know banks or credit unions that have helped others in a similar position?

Yeah! I'll direct message you!

David M.

Thank you for still taking the time to help me as I ask questions. The good news is that my parents own the house outright (No debt). They want 100k cash (They are building another house). 

Real Numbers: We put 20k in renovations.

Cash-Out Refi: House is now worth 160k, they get 112k (70%) as cash in the refi.

Sell of house: My parents give us 12k and keep 100k (We agreed on 100k for the house) as the price of the house 

Maybe we could do a quit claim deed?

Am I on to something here? Any other thought?

David M. 

I've been toying with your idea for an hour now, thank you SO MUCH. Quick question...

If the house owners (My parents), renovate (With our money), and they do a cash out refinance, will the ARV stay the same when the buyer attains the house?

Real Numbers: We put 20k in renovations.

Cash-Out Refi: House is now worth 160k, they get 112k (70%) as cash in the refi.

Sell of house: They give us 12k and keep 100k as the price of the house.

What happens with the remaining equity once the Title is in my name? Which is the remaining 30% (160k-112k: 48k)

David M. and Brian Hansen

I am actually buying the house from my parents. I’m just attempting to figure out a way where I can buy/renovate it with 20k. Any other ideas, do you think I should take out another loan? I do have 17k in retirement funds, would you recommend me using some of that?

My wife and I are buying our first long distance BRRR in Oberlin, Ohio. The house is 100k and we have 20k saved up. How do you do your loans? I am trying to figure out HOW I should go about this.

1. - Get a Hard Money Loan in your state and then refinance with a bank from which your property is in?
2. - Go through a bank in the state where the property is and then refinance with the same bank?
3. - Go through rocket mortgage?! HELP! Haha

Hello everyone! I'm excited to announce that I am buying my FIRST property as a real estate investor. My wife and I are excited about this opportunity; with that said, I need your wisdom.

ABOUT THE DEAL...

The house is worth around 140k. We are doing seller financing for 60k of the cost. This means I need to acquire $80k for the rest of the house. I plan on BRRRing and putting 15k in rehab and hope it ARV's for around 160k (I plan on hiring an appraiser). I do have 20k in cash as well that I could use for a downpayment.

QUESTING ABOUT THE FINANCING...

What type of loan should I use, AND how would you go about it if you were me? Since I am 'technically' buying it for 80k even though it is work 140k, can't I get a better loan since I am only taking out 57% (80k/140k) or even WITH rehab it would be 71% (100k/140k)? Am I missing something?

1. Some background: This is my first ever post! My wife and I are Pastors from San Diego. We have paid off ALL of our college loans (Over $40,000) in the past three years so that we can begin our real estate investing journey! ...Well, to be honest, more-so because I wanted to prove to my wife that I am committed to investing. Guess what, it worked!
2. My Plan: I am planning on becoming a long distance, buy and hold, BRRRR Investor in CLEVELAND. We plan for these properties to be short term vacation rentals. I have family who live in Cleveland and Airbnb.
3. This is where I need you: Any advice for us as we potentially buy our first property in the next several months from those of you who have done something similar?