All Forum Posts by: Jimmy Epolito

@Christian Nachtrieb That's awesome! How did it go? I have a lender that will allow 15% down on an investment property and I have another that will loan 80% LTV after the 6 month seasoning. I am looking at homes at $50k or less which allows for a down payment on 2 and $30-35k left to use for rehab on both. Only downside I see is that if a house needs heavy rehab it will not qualify for conventional. Since I am only on my 2nd property I do not want a heavy rehab anyway. I'm in process of trying to find properties which can be improved just enough to utilize that 80% Cash Out Refi.

@Matt Everling You're welcome! Only lenders I have found to refi before 6 months will not use the ARV they will base the loan amount off the price you pay. I have heard of some investors adding the rehab amount to the HUD to overcome this.

Yes. That is one option I'm considering. This would allow me to purchase two properties. Or I can use the HELOC to purchase one property with a cash offer, rehab it, wait for seasoning, and then refinance it. Using it as a down payment would also require those properties to be financeable in the first place instill need some rehab to force enough appreciation to get money back out.

@Christian NAC 

@Christian Nachtrieb I'm going to utilize this same approach. Double the closing fees but seems like it still turns out less than using a Hard Money Lender. Does that seem accurate to you? I keep hearing that I should use a HML but I have excellent credit with a steady income. Conventional seems to make more sense.

Thanks @Jason Cory and @John Patton.  I have sent both of you a DM

I have found a few properties in Birmingham and need to network with someone with boots on the ground since I live in Orlando. Any help would be appreciated. I am specifically looking at properties to BRRRR.

@Sharee Mitchell I am looking to invest in Birmingham.  Can you refer me to an investor friendly realtor.  I have a couple of properties in mind.

Thanks @Shawn G. for the link! I have tried real hard to shift around my schedule tomorrow but I cannot.  I hope you can keep me in the loop for future meetups in the Orlando area.  

@Tyler Gibson  That is great! Thanks for the info!  As long as my social coordinator (wife) does not have me lined up for something already I will gladly attend.

Kaynea,

You seem very knowledgeable! I am a new investor looking to BRRRR. I bought my first property last month out of state but would look locally if it makes sense. I currently live in Clermont and work in Altamonte Springs. Let me know if we can chat sometime to see if we can help each other.

I'm a newbie investor living just outside Orlando in Clermont.  I closed on my first rental in December and want to scale in 2020.  If we can get enough people we should consider a meetup to begin the year and to network with each other.