All Forum Posts by: Account Closed

@Jim Haney

Just remember...

you want that note to be pretty close to 70% of the ARV for the property if you don't want to bring any money to closing. 70% will allow you to roll in your closing costs. If you want it to be at 75% just keep in mind you would need to bring your closing costs out of your pocket to complete the refinance.

Also make sure you make the monthly payments to the LLC that is loaning you the money for the purchase. The bank will want to see a track record of you paying your loans off.

I can't wait to implement it- I have an agent/PM looking at a property for me in Milwaukee now. Hopefully it can work out so I can implement the strategy.

If anything reach out to @Andrew Postell he is the one who introduced this to me on another post. 

All the best...

@Jim Haney

 Not quite yet but I have spoken to at least three investors through BiggerPockets that are pulling off the strategy. 

 It is not a cash out loan – you are refinancing an existing mortgage. 

@Michael LaRocca

Solid advice from @Shawn Ackerman & @Rebecca Knox thanks for sharing 

@Darrin Carey I would also welcome an opportunity to speak with you regarding the same things Katie mentioned to start this post. 

Best...

@Corbin Jones

You got some really good advice from everyone. The only thing I would add in regards to the new lease is that I would not have it end during the cold months. I hear business can be slow in those months and it may leave your property vacant longer that you would like. Just my two cents.

All the best,

@David Venancio try Sonya Mays at Prestige Property Management. I haven't worked with her yet but I did meet with her last April. I was referred to her by a guy named @Bob E. He uses her and he may be able to give you more details about her PM business. 

All the best...

@Patrick Jenkins

Just check out Los Angeles. My co- worker was looking to rent the house next to mine and take told me they were asking $3K per month. I’m in a solid C+ area at worst, so there you go.

@Levi Potts

Welcome to BP! Lots of good advice here. All the best to you!

@Daniel Monk

Welcome and all the best to you!

@Mai Thanadabouth

Congrats and all the best!