All Forum Posts by: Jeff M.

Thanks to everyone that took the time to reply.

Looking to refi a home that was recently remodeled and rented out. The last two refinances have been very slow. Two different lenders both having issues with increased volume. Has anyone recently completed a cash out that they felt went smoothly? Can we share that info here? National lenders please.

Thanks!

@Andrew Postell Thank you for sharing that topic! I actually used a lender from Gateway in another state on a different property because of a post from you on BP. Thanks for being so active and willing to help.

I actually messaged him about it a while ago. He gave me good info but I was hoping for other examples. I will check in on his blog again. Thanks.

I have a new property under contract and am looking to pull my cash out sooner than the traditional 6 month cash out refi seasoning period. The home is almost complete needing only new flooring, interior paint, and a few other upgrades. Has anyone estimated the rehab costs and placed them on the original purchase settlement statement in an attempt to recoup them using the delayed finance exemption? A basic example would be 100k purchase and 30k rehab. All of that paid to title at close. Title them sends back the 30k for rehab but shows it on the settlement statement. Place appraises for over 173k or so.  I did this with another deal but ended up doing a major rehab and chose to wait for the rest of the 6 months to refi. Any info is appreciated.

Thanks.

@Shawn McKee I use Audible most of the time. I also have an android phone so I am not sure if this will work for you. I had to download the book on my desktop and then connect my phone to my comp. After that I copied the file into my audio-book folder on my phone. Once there I can play it using an audio-book playing app. I am not a techie so I am sure there is an easier way but this is working for me.

Just picked up 4 more audio books! Thanks for the heads up:)

My understanding is that you would only be able to pull out as much as the initial investment (50k) back using the Delayed Financing Exemption. If you hold it for 6 months, you can pull the 75% out with a traditional cash out refi. The workaround I have read about but not tried myself is to add a rehab amount to the settlement statement of the initial purchase. 

I have a bid in on a HUD house with a Monday at midnight deadline. This house just had a 20% reduction and an increase in activity this weekend. I believe there will be multiple bids placed. If a buyer is allowed to pass after a winning bid by not submitting the contract to HUD, is he/she allowed to bid again the next day? If so, why not bid high, win and then cancel and rebid before the rest of the buyers catch on?

Thanks for this info. I am going to point out the seller's savings in fees when I make the offer.  Thanks for taking the time to respond.