All Forum Posts by: John Smith

@Jerry Padilla

Okay thank you.  So as I understand you can only pull 70-80% of the value (whether that’s determined by the appraisal in 6 months or the total purchase price + renovation budget in one month).  Is that true? And if so, essentially pulling out prior to six months (even when including rehab costs) means you’ll only get back a max of 70-80% of your initial incestment.  Is that’s true?

Ok thanks for the advice.  So basically I should spend the first year learning the ins and outs, making sure that my first 1-2 deals are perfectly executed, then start ramping up my pace of acquisitions in years 2-3?

And yeah, I'm not gonna make a purchase until I have a team in place and have a detailed, thorough plan for rehabbing the property.

So you always have to wait 6 months for the new appraised refi even if you pay all cash?

If I paid all cash for a property plus its rehab costs and was able to complete all of the renovations within 2 months, increasing its ARV by 25% in the process, how soon after the renovations were complete would I be able to take the cash out of the property and refinance? This would be my first deal and I have a credit score in the 740-750 range and zero debt.