All Forum Posts by: Joshua Zdunich

That makes perfect sense! Thanks for the breakdown!

Thanks for all the info!  I did mean "conventional loan" "not traditional".   Correct me if I'm wrong... from my understanding of your responses... With "delayed financing" I can pull out up to the the cash purchase price of the home without a time restraint?   So this would work if I added an additional lets say 25% in forced appreciation, I could pull out my original investment and and leave 25% of equity in property to avoid P.M.I.? 

Is there an allotted time that must pass after a cash purchase of property to finance out into a traditional loan?   My lender is saying 6 months and I don't feel this is accurate.  I dislike having that much capital tied up for 6 months on a 1 month B.R.R.R.R., especially with rates being so low right now.   Thanks everyone for their time in reading and hopefully responding to this question.  

Thanks for the reply!  I was actually looking at another unit in the complex with my Realtor and put in an offer that was denied(too low).  Another owner heard about my offer and wanted to have lunch.   This owner is president of the H.O.A. and has 5 of the 15 units.  She liked what I had to say and my ideas for rehabbing the property.  So she sold me one of her units.

I wasn't looking for a credit union that loans out of state.  I'm looking to start a relationship with a bank to make it easier down the road with financing when I have more properties.   From what I understand credit unions usually have some of the best rates but only loan locally?  So that relationship would just be for one property as apposed to a national bank that has locations in multiple states. 

Thanks for the reply and info. I have all the above mentioned covered except for renters insurance from the renter. What is the thought process behind having them carry a policy? Am I liable for their possessions? I'm one the H.O.A. board now, there will be a special assessment for the exterior rehab but max at $1000 a unit. They had a decent amount of cash in reserves but we don't want to deplete them all. I don't mind the $1000 in x cap as i'm going to see a ROI of 30X that after the rehab. Thanks again!

Hello everyone! I am new to BiggerPockets and Real Estate. This is my first post, so please forgive any newbie mistakes but feel free to give me constructive criticism.   My prop story...

This is my first property.  I closed on a 1bd, 1bath apartment in City Heights, San Diego on 7-12-19.  Bought at 145k, all cash, with a 20k seller credit at close, so essential the prop was 127,500, all said and done.  The complex is 15 units, 60/40 owner occupied and 2 of the units sold in the last year for 163k, and 165k. The prop appraised at 160k and I have it rented out at $1275, month to month and a H.O.A. of $190/moth.  Currently we (all the landlords) are repaving the parking lot, installing security cameras, landscaping, fresh paint on exterior, new roof and updating the laundry room.  This should all be done in 3 months without a loss of income from vacancies.  

  I plan of pulling out all my original seed money, which after rehab should be $137,500-140k. The local comps are $210-$230k.  I currently bank at Chase and have been there for 5yrs.  I don't want to use them for my refinance because they have one of the highest rates for brick and mortar.  I was looking into local San Diego credit unions but the problem with them is they won't do loans out of state and my next prop will most likely not be in California.  

My question is about financing and banks. What brick and mortar national banks if any are best for starting a relationship with (business, personal accounts, making my primary bank) in hopes to refinance my first BRRRR and hopefully many more down the road?

Or should I just stick with Chase for my banking needs and go through non brick and mortar lenders when refinancing?

Thank you guys for your time!  I hope I gave all pertinent info!

Josh Z.