All Forum Posts by: Joshua Springer

Call every local bank in your area and ask if they do these and what are their terms.  There are many different portfolio lenders with lots of different lending criteria.

If you're really interested in the property get a pre-approval from his lender and then use your own financing for the deal...pre approval doens't mean you're tied to that lender.  He most likely just doesn't want to tie up the property for several months to find out you aren't qualified.

Great first flip.  Congrats :)

I think @Jerry Padilla might do some cash out refinancing.  Dunno about our income problems though...

@Cindi Boyer

The amount you can get back out depends on your lender. Some will do 75% of the after repair value(ARV), some will do up to 80%..typically won't find much better then this on cash out refi.

So scenario in very generic form:

After repair value is $100,000

Pay $50,000

Repair + misc $25,000

Total invested $75,000.

Cash out refi at 75% is $75,000 so you would break even but control a newly rehabbed property.

Cash out refi at 80% is $80,000 so you'd get an additional $5,000 out of property and control a newly rehabbed property(although loan amount is obviously 5k higher)

@Cindi Boyer

Buy (for cash)

Repair

Rent

Refinance(cash out)

Repeat

Brandon did you end up finding other avenues for funding your transactions?  I have a bank lined up in Franklin County that does them as well( I think you were using VCB?)

The offer process is extremely easy as long as she's already registered on HUD's website. The more annoying(gratifying) part is if the bid is accepted :)

Just beware of losing your earnest money. You can have an inspection period but HUD expects as an investor you already know what you're doing so you can't leave the contract without losing your deposit.

I have one tenant that pays via check, one that pays via ACH, and one that pays via Chase Quick Pay(they have chase account I don't.)  ACH being the obvious best way but that's not typical.  Chase quickpay is fantastic.  We don't see each other's account information but I get an email at very early AM on first of the month saying I have a payment waiting and just login to my account and hit accept and it's processed usually within 24 hours and takes me about 30 seconds to accept...and is free!