All Forum Posts by: James Moore

@David Simovski I’d love to hear about what you have going on in Detroit. What areas are you focusing on?

Jon The theory I’m working off of is that my private lender will give me the “wad” of cash and I can purchase a property with it. Fix it up and then get financing on it through the bank so I can A. Repay the lender or B. Reinvest it in another property, assuming I can pull that money back out of the second investment before the end of our agreed to term. That transaction with the bank, is that considered a cash out? Even though I would have no previous “Financing” on the property. “Financing” meaning private money that is not a loan from a bank. I appreciate the feed back and clarification!

Hello everyone! New to BP and loving it so far!! I am looking at investing in Ontario Canada where I live. At this time I’m looking to come up with different ways to finance homes to BRRRR. A few questions if anyone has some answers! 1. If I’m getting private money to purchase a property, wouldn’t I be paying “cash” for the property and am able to have a very quick closing? 2. If I payed for it this way, after the house is fixed up, wouldn’t the bank see it as an asset which I own and not have any problem at all giving me a mortgage on it. Assuming it’s rented out and has/will have great cash flow? My concern is that I wouldn’t get approved for the mortgage that I would take out on the house to repay my private investors. Seeing as I purchased my own home at the top of the limit that my bank offered to me at the time. (Very little equity built up in my own home) What do you guys think?