All Forum Posts by: Jory Sturdevant

Thank you very much for the information, Chris. My only concern is that I am worried about the COVID bills that are being passed about any government-backed loans, I do not want to be put in a rough spot right off the bat on my first property. 

Thank you very much for looking at this and possibly helping out. I recently purchased a rental property (duplex) as my first property. As many do, I made quite a few mistakes and probably over rehabbed the property. I just finished getting the second side rented and I am now looking to refinance. I used a majority of my savings on the property renovations and was planning on using the refinance money to help me out during grad school (started last week). I have emailed multiple different banks and credit unions in my area and I am being told that I am only able to potentially able to get 70% LTV for a cash-out refinance. I am being told that this is a "rule" that is done at most banks in Northern Illinois. I am worried after learning more that I might not be even able to refinance as I am not currently working due to grad school. Does anyone have any ideas or tips on getting the "ideal" 75% LTV cash-out? Anything that I should be doing differently or a different route I should look at. Again, this money is to help me quite a bit over the next few years of school.

Purchase price: 64500

Estimated value: 125-130k

Rent 925 and 975

Property manager 9%

The current loan amount is 53K

Thank you again very much if you are able to help out

Thank you very much for looking at this and possibly helping out. I recently purchased a rental property (duplex) as my first property. As many do, I made quite a few mistakes and probably over rehabbed the property. I just finished getting the second side rented and I am now looking to refinance. I used a majority of my savings on the property renovations and was planning on using the refinance money to help me out during grad school (started last week). I have emailed multiple different banks and credit unions in my area and I am being told that I am only able to potentially able to get 70% LTV for a cash-out refinance. I am being told that this is a "rule" that is done at most banks in Northern Illinois. I am worried after learning more that I might not be even able to refinance as I am not currently working due to grad school. Does anyone have any ideas or tips on getting the "ideal" 75% LTV cash-out? Anything that I should be doing differently or a different route I should look at. Again, this money is to help me quite a bit over the next few years of school.

Purchase price: 64500

Estimated value: 125-130k

Rent 925 and 975

Property manager 9%

The current loan amount is 53K

Thank you again very much if you are able to help out

I am new to bigger pockets and I have a question about the financing aspect. (I want to make the joke that I have thousands of deals in all 50 states since that's the biggest no-no). I am purchasing a duplex currently (closing in a few weeks). I have a conventional loan on the property at 15% down. The home is being purchased at $64,500 and I believe needs about $30,000 in rehab costs. This will take it from a 2 bed 1 bath to a 3 bed 2 bath on each side and increase the rent to about $895 per month. My goal is wanting to use the BRRRR strategy on this property and refinance since it should be worth above $120,000 after looking at comps and talking to multiple realtors. Currently I plan on living in one side (owner occupied) for a few months but I have to move a lot for work so then will probably rent out both sides within 3-5 months. I have the money for the down payment and an additional $13,000 allotted for rehab.

My question is what is the best strategy to be able to complete the entire rehab and pay off the loan and hopefully get my money back to move to a new property (BRRRR in a nutshell). Am I able to talk to a portfolio investor about a new loan for 75% of the ARV and then pay off the old loan or ?.... I have realized I should have probably tried to find a way for cash on the property instead of financing. I would really appreciate feedback

Hello I am new to investing but this is something that I feel is better to get involved in while I am "young and dumb." I have been watching properties for the past 6 months while I saved up a cash reserve and almost made a purchase on a single family but pulled out due to safety concerns about the property. My ultimate goal is to have multiple rental properties that I can forget about and use as a passive income for the future (far fetched ideas with a property manager but still the goal.) 

My question is that I have been looking at a duplex in a surrounding area that is being offered at $140,000. I should be able to rent out each unit for $800 a month. I do not currently own a home and do not have equity but I have a small cash reserve of about $30,000 set out for investments. I have been looking at the possibility of applying for an FHA loan since I do not own a home and my credit score is above 720. This would allow me to put down 3.5%-5% initially along with the mortgage insurance I would be in for under $10,000 instead of an initial investment of 15% (as a primary residence) or 20% (as an investment property). I understand that FHA loans have a requirement for a person to have it be their primary residence but I work as a travel nurse and I am not usually at a primary residence since I travel. My idea would to be only rent out one part of the duplex for the first year since I would not want to be doing anything illegal and it would also allow me the opportunity to stay there if I was able to find a contract that would allow me to stay in my "primary residence." Do you believe that this is a good plan or would something else be better to look at? The FHA loan idea is very appealing due to the low money down and would allow for the possibility of an additional investment and/or money to reinvest in the property. Thank you very much for your time