All Forum Posts by: Jerad Casto

Any reason why I wouldn't be able to refi immediately? 

Planning on doing a 401k loan to purchase an investment property and cash out refi to pay back 401k loan. Anything I should consider with this? Seems pretty straightforward. I plan on putting the full cash out amount back into my 401k to gain the interest and using it as my investing account.

Visit the small local banks in your area. I just recently acquired a mortgage on a SFH for $38k from a local credit union. If you have the 20% and good credit, it can be done.

Looks great. Did you paint the wall tile in the bathroom or replace?

In WV it's required that the winning bidder post a Notice to Redeem in the classifieds section of the local newspaper. The notices posted now have taxes due 3/31. Hello 175 leads ;-) Research and start mailing.

Thanks Brie.  I was afraid of this.  I may see if the seller will entertain owner financing.  20% down, 4.25% on 20 year schedule with 3 year balloon.  Give me a chance to get 3 years of solid financials.

I'm interested in a 6 unit complex in my area.  The lender I am trying to get prequalified through is requesting 3 years of tax returns from the seller.  The seller provided the tax returns but the claimed cash flow has taken a sharp decline the past 3 years to as low as $61 in 2015.  Any advice on how to convince a lender that this is obviously for tax purposes?  I've checked out the building and run the numbers.  They have 4 tenants that have been in place for over 15 years and the rents are way below market but its in great shape.  Has anyone come across this before?  

Your post starts out saying you wanted to start off in flipping. If you've got $80k cash to invest in buy and hold, you could have gotten more bang for your buck with a larger multi family. Might consider putting another $20k in a kitchen, bath and cosmetic. If Zillow says ARV of $215k, it's probably closer $160k. After closing, you could replenish your $80k to your account and have that same $80k or so to put in a multi family. A lot of unknown variables in my post. Congratulations on your first property!!

Dan Lee did you drywall the ceiling of that room?

Thank you Linda. So the only cash I'll have to bring to the table would closing costs?