All Forum Posts by: Josue Rivera
Josue Rivera has started 34 posts and replied 102 times.
Post: questions about the refinance of my house hack

- Austell, GA
- Posts 110
- Votes 10
@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
Post: questions about the refinance of my house hack

- Austell, GA
- Posts 110
- Votes 10
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
Post: Brrrr/house hack slightly confused seeking advice

- Austell, GA
- Posts 110
- Votes 10
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
Post: BRRRR my first one which is also a house hack

- Austell, GA
- Posts 110
- Votes 10
@Joseph Firmin Thank you for the feedback I greatly appreciate it.
Post: BRRRR my first one which is also a house hack

- Austell, GA
- Posts 110
- Votes 10
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
Post: house hack bills , bills ,bills utility bills that is :0

- Austell, GA
- Posts 110
- Votes 10
@Andrew Davis ok will do thank you for the feedback.
Post: New Investor Here in North Metro Atlanta

- Austell, GA
- Posts 110
- Votes 10
Hey how are you, here at your services would be glad to help @sarahkennedy
Post: house hack bills , bills ,bills utility bills that is :0

- Austell, GA
- Posts 110
- Votes 10
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
Post: House hack/ BRRRR please help

- Austell, GA
- Posts 110
- Votes 10
Ok @Alan Lacey got it. Thank you
Post: House hack/ BRRRR please help

- Austell, GA
- Posts 110
- Votes 10
@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)