All Forum Posts by: Jeremy England

Speaking of loans thought I’d let everyone know that the bank that I had in mind for my cash out refi is no longer offering loans without seasoning periods to new customers. So I’m back to the drawing board with trying to find a bank to refinance with I’ll let everyone know when I figure out.

I may have to just pay off his personal loan with my own money and wait for the seasoning. It really throws a kink in the whole brrrr concept.  If I have to wait six months between every purchase and refinance the road passive wealth is a long one

 Easiest loan I’ve ever applied for. It was simple . they check your credit, your bank statements , youre funded

If only mortgage loans for this easy

is this your first deal? If so you’ll probably have to self fund it to prove to the people you are soliciting that you know what your doing

Borrow from the 401k imo.  It’s cheaper anyway

I think you should look more into the people you have a personal relationship with that know and trust you.  Start with how their money is secured, then talk about how much money they will earn.  

I can get 8 pct pretty easily these days in diversified mutual funds.  I think for a 50k loan you'll need to offer 10pct.  

Just my opinoin

 But is that not limited to what I paid for the property?

I bought this property at 62k and will have 17k in the rehab.  Its valued at 100-105

Anyone on bp know of any cashout refi lenders in florida that will waive seasoning?  I had a referral to a local bank here but they changed their policies on August 1.  No refi without seasoning UNLESS you are a current or established customer.  which I am not.  

So figured I would put it out there on bp.  Got a house I bought 2 weeks ago and I'm nearly done with the rehab.  

Well, I’m not positive. But I would think the personal loan is no different than any other debt to be consolidated using equity

We’ll find out soon because I was just referred to a local lender by a bp member yesterday that will do. 75% ltv w no seasoning.  

Im prepared for alternatives should the personal loan prevent me from refi due to credit limitation.  I have the funds in personal savings to pay off the loan.  I could also borrow 50k from my 401k for a short period

But I’m hoping I can just take care of it in one step with the refi

@tj 

@TJ Jeff

I appreciate the feedback.  I'm at the top end of my rehab budget already.  Ran into some surprises like a drive way buried under where the new driveway was going which needed to be excavated ($400)

Roofing costs have nearly doubled since I was last in the construction business, I budgeted 3500, it costs me 5200.

I did not recgonize that there was significant drainage problems in both the front and back yards when I bought the place.  It was dry as a bone when I looked the house over.  Well, about 4 days after I bought it we had some helacious rain and now its a swamp. Im going to have to spend about 500-1000 to get some french drains and catch basins.  

I have the rehab costing about 17k now.  I'm not doing any of the work so far.   Hindsight, I probably just should have done all the interior finish work myself to save money.  

So that puts my all in at about 80k. About 76% of ARV. Still good for a cash out but I may end up leaving a little bit of money in the project

No way, nooooo way would I allow a pitbul in my rental.  Liability is too much

I think you also need to account for how you will be buying and paying for these properties. Remember, alot of banks won't finance a house owned by an LLC. Theyll finance YOU however. Then you'll need to figure out how to get that property into the LLC without triggering any due on sale clauses. Or just roll the dice and figure as long as the bill is being paid, the bank doesn't care.