All Forum Posts by: Jesse Grim

I closed in janurary and all of the lenders I’ve talked to said would need to wait atleast 6 months

I'm trying to get the ball moving a little faster than what it is and with not being able to cash out or Heloc for another 6 months, im wondering if it would be worth it to go to a hard money lender? I only have one property and it's got around 80k in equity that I can't use until mid July but make decent income from that rent, my plan was to use the initial cash out refinance to do a fix and flip or 2 to pay back the refinance and use profits to go towards another rental but the waiting period I feel is making me miss out on a lot of opportunities. Any HML able and willing to lend in VA or anyone with any other ideas?

Hello, I am just starting out and have my first property renting out bring back around $900 a month while no maintenance or other issues arise. I didn’t have to put the 25% down since bought it as an investment property but  with that, to have around 100k in equity and I’m trying to figure out the next steps,  

Is there any way around having to wait the 6months to do a heloc or cash out, and when I do to actually do it is there any way for banks to not look at income as a factor if wether or not I am approved?  

Also, what is it about an LLC, should I get one to put this property under, and a different LLC for each future property?

My plan is to use the equity starting out for a profitable fix and flip or 2 then obtain another rental property,    I’m just so confused with the equity because how am I to keep being approved for the loan with having so many open? And with just starting out not having much source of income rather than my personal job,   Thanks and sorry for all the questions,  I wish I could say that’s all but no where close.