All Forum Posts by: Josue Rivera

@Tim Johnson the property has already been purchased and I purchased under my llc with a HML looking to refinance out of the loan and purchase it with long term date under my name

Hello fellow investors hope all is well, I recently purchased my first rental property/House hack (Will be my primary home ) . I purchased the property using a hard money loan under my llc (purchase price 80k , Rehab 35K) currentl HML $115k, i did have some unforeseen expenses come up and I will have to come out of pocket $20k to cover these expenses overall i'll be all into the property at $135k. The house will easily appraise for $180k-190k My question is for the refinance part. Am I able to purchase the property from my llc using a traditional 30 year loan under my name ? thus allowing me to refinance out of the HML, get my cash out without having to wait for the traditional 6 month seasoning period?

(example: 115k owed from HMl , Additional 20k of out pocket expenses, all in at 135k, purchase the property from the llc at $150k (check of the difference to be cut to the llc once HML lein is payoff )

Any feedback will be greatly appreciate it. 

Thanks y'all 

Hello fellow investors hope all is well

I am currently working in closing on my first rental property which I am planning on using the BRRRR/house hacking strategy for it( the property has a basement unit i am planning to move in and then renting out the Main level a 3/2) . I have a hard money loan set up at 11% interest only and no points, My purchase price is 80k, Rehab budget 35k. I will have to come to the closing table with approx 7k plus closing cost. The property will easily appraise for 180k minimal ( i actually currently live four houses down from this property and I am very familiar with the area. here 20 years +) My question and the part i am confused on is the refinance aspect of the strategy since I will have some equity in the property, I am looking to Cash out refinance out of the hard money into long term debt and buy another property. I was speaking with some lenders and some mention there is a seasoning period (3-12 months) others mention (my credit union) they didn't have a seasoning period, some lenders mention i should move into the property start the refinance process and then put the property up for rent which is the reverse of the Brrrrr (refinance , rent ?). I would gladly appreciate any Input into this situation or any advise based on this scenario.

Thank you in advance.

Be Blessed,

Josue Rivera

@Joseph Firmin Thank you for the feedback I greatly appreciate it. 

Good evening,

Hello fellow investors hope all is well, I am currently working in closing on my first rental property which I am planning on using the BRRRR/house hacking strategy for it( the property has a basement unit i am planning to move in and then renting out the Main level a 3/2) . I have a hard money loan set up at 11% interest only and no points, My purchase price is 80k, Rehab budget 35k. I will have to come to the closing table with approx 7k plus closing cost. The property will easily appraise for 180k minimal ( i actually currently live four houses down from this property and I am very familiar with the area. here 20 years +) My question and the part i am confused on is the refinance aspect of the strategy since I will have some equity in the property, I am looking to Cash out refinance out of the hard money into long term debt and buy another property. I was speaking with some lenders and some mention there is a seasoning period (3-12 months) others mention (my credit union) they didn't have a seasoning period, some lenders mention i should move into the property start the refinance process and then put the property up for rent which is the reverse of the Brrrrr (refinance , rent ?). I would gladly appreciate any Input into this situation or any advise based on this scenario.

Thank you in advance.

Be Blessed,

Josue Rivera

@Andrew Davis ok will do thank you for the feedback. 

Hey how are you, here at your services would be glad to help @sarahkennedy 

hey everyone hope all is well. Based on you all's experience in a house hacking situation ( I am going to be living in the basement unit approx 550 sq ft and renting the upstairs of a sfh 3/2 approx 1,400 sq ft) what is going to be the best way to split utilities bills ? all ideas and scenarios are welcome. Thank you in advance

Ok @Alan Lacey got it. Thank you 

@Account Closed yes I am buying the property for a very good price. 80k purchase 30k rehab, will easily appraise for 180k (i know this area really well lived in this pocket for  20 year)