All Forum Posts by: Account Closed

Yes, you will have to find a lender who will do a refi that quickly.  

A fair amount of our partners/clients purchase a buy and hold property that needs rehab with cash.  Then we fix it up and rent it out.  As soon as it is rented they refinance it and get their cash back and do another one.  Of course, this only works if you have the cash at first and know a lender who will do a refi with no seasoning.  

Banks, either on the purchase or selling end will not allow a wholesale.  You will most likely have to purchase it and flip it.  

Welcome to BP and the Lou.  

It seems that I did.  Your mortgage payment will probably be closer to $700 instead of $1,050.  So that does make it much better.  

You should tell the truth and leave most of the money on the table for the investor so they will come back and buy from you again.  A 150% markup is a little steep if you ask me, even if it is still a good deal.  

It has been my experience that most people with that much equity don't need to do a subject to or lease purchase.  I usually find that the people willing to do a subject to or LP are in newer homes, but that is not always the case.  

It is only about an 8% return on your cash, if you don't count the closing cost and points. If you count that, it's even less. Most folks I know want at least 12% ROI. I see more deals happening about the 15% ROI mark.

2400 rent

-225 tax, - 167 insurance, - 240 PM, - 240 vacancy, - 240 Maintenance, - 1050 mortgage, = $238/mth positive cash flow.  Plus you probably will have some utility and yard upkeep bills as well.  

Maybe this is good for Miami, but not so much where I live.  

I know Midsouthhomebuyers.  I've sold them several properties over the years.  Terry is a personal friend of mine and I can say he is legit.  A real straight shooter.  An honest, solid guy who knows what he is doing.