All Forum Posts by: John Thompson

@Karl McGarvey as simple as that sounds I appreciate your help LOL I will do just that

@Ryan Deasy ok thanks, what would be the benefit of a heloc over cash out refinance would you think in my situation? Also with that being said, this would be my first deal, once it's bought and rehabbed with any money from wherever, is it easier to get or obtainable to get a 30 year mortgage once I have control over it and equity? That's the part I'm little confused over, who will finance it after rehab when I want to get cash out and do it again? And with my income is that possible in a lenders eyes once rehab is complete and there's solid equity in it?

@Karl McGarvey who would I talk to about any of those options? I appreciate the input

@Karl McGarvey I could definitely agree, unfortunately in this scenario, I'm married with 2 younger children and that while attainable, is kinda hard having to relocate with a family of 4 every year or so on... I'm thinking maybe just running flips until I can build the capital to hold on to properties paid for in cash, which seems still far out in essence. Is there a loan product that is attainable as an investment property even if my income only shows 60-70k annually? Or who should I speak with about obtaining such a loan on a strictly investment property?

Hey everyone, couple questions I have starting out looking to buy my 1st few flips/Brrrrs.

I have a little over 100k in equity id like to pull to invest from my primary residence, make roughly 60-70k self employed for last 3 years, with very little debt other than my mortgage and a slowly rising credit score 650-700 ish over the last year really stared moving up.

My question is who should I talk to to get a loan on investment? Should I refinance or Heloc the equity in my primary to buy a flip or start the brrrr process (which is the goal brrrrr with str and ltr whatever makes sense at the time)? I Also have access to hard money, which I may need if I can't get a loan and access any liquid funds to get started, and I have a few other avenues/lines of credit where I could generate 20k cash/credit if need be without begging friends and family haha.

Any help is appreciated greatly, thanks all!