All Forum Posts by: Jessica Zhang

@Joseph Scorese

Thanks for your reply. That’s exactly what I intended to pursue (recovering as much as possible with my initial purchase price). My renovation projects are all done recently. Do you know anyone who’s providing this kind of loan services?

@Nicholas Covington

Right, that’s what I did. My lender says he gets the delayed financing concept but doesn’t want to do this way given there is a lot of more materials required ( all the renovation activity receipts etc.). That’s why i was wondering is there any seasoned lender who’s familiar with this process and doesn’t deem as a huge pain..

Hello BP friends,

Anyone knows about any credible mortgage broker covering business in Delaware area who can do the delayed financing? I came to know this option through my prior question in the forum (how to get cash out within 6 months of closing).

My current lender who does regular ones insists I have to wait for 6 months before going with cashout approach.

Thanks very much.

@Jimmy S.

That’s good info! Does your lender require seasoning periods like 6 months after closing? Thanks in advance..

@David P.

Your answer is thorough! I’ll look into this delayed financing option. What my understanding is that this delayed financing is almost same as taking mortgage upfront. That’s why it has the limit to purchase price..

I'm amazed by the timely reply from you all. 

To summarize, it seems possible to get a quicker loan through commercial lender rather than the transitional mortgage refi route. Usually how much difference is the term? I'm thinking pursuing 30 yr fixed rate with amortized loan, does commercial loan do this kind of long-term fixed product? Or i have to go with shorter loan like 7-10 years and quickly find the next property to invest in..

Hello all, this is my first post since I joint this awesome forum.

After hearing a good number of podcast and reading in the forum. I finally made up my mind to try my first investment with BRRR strategy.

My Q is: had I put all cash in without using any lender upfront, would I be able to contact mortgage company for cashout refi sooner than 6 months. Any pros and cons?

In podcast I heard from one episode that the lady from Colorado she borrowed money from hard money lender with 3 months term(?) and successfully got commercial mortgage within the time period. On the other hand, I saw people sharing their experience that they’ll need 6 months cooling period ( is it what called) to get a mortgage.

Thanks all for any experience sharing is apprenticed for people like me a newbie..

I think there is no restrictions on if you can buy a second property and rent it out as passive income.. I just did one and rent it out. 

The only tricky part is if I’m not using a property management, and not claiming any management or fix cost as deduction, will IRS or immigration bureau deem this as active management? My situation is that I rarely get any calls from renter and they just pay the check as is. Anyone knows about this defition about “active management”? Thanks!