All Forum Posts by: Kelli Huang

I would go with option 1. If you cash out refi on your home, you might get 80% of $180k (if your home is valued at 180. That is $24k cash to you. That is enough for the 3.5% down FHA. Maybe even have left over for reno. Buy something under market value and refi your new property again. BRRRR.

Most of the banks that I know will only lend to a person and not LLC. But some banks told me they will be okay if I transfer the property to the LLC after I purchased it. But I am still reliable if it is foreclosed.

People run into the problem of LLC and DTI all the time with banks, that's why people seek other financing: Private money, hard money, portfolio lender that only look at your asset and not your W2 income.

$119000

I am seeking mortgage for a duplex as rental property in Atlanta that requires less down payment. 15%-20% would be great. Duplex is completely renovated. No work required. No HML. If anyone has any recommendation please share. Thank you.

Welcome. Do you want to invest in Atlanta or NJ?

I am interested. I have never partner with someone before but this looks like a good opportunity. 

Thank you all for your suggestions. I will contact the wholesaler first. 

@Elizabeth Colegrove Thanks for the encouragement. I know I am doing the right thing and it is true people only believe what they see. I am working towards the day when people will actually believe in me. 

I am having trouble getting money for my first deal. I am getting cash-out refi on my house and will use the $40k to buy a rental for $45k. The rental I am buying is set to close between the bank and the wholesaler this friday, but my refi is still not coming through. I started the refi process 2 months ago and it's taking way longer than expected. The lender did tell me today se MIGHT close this Saturday. I am definately not uaing the same lender again. In the mean while, i thought i should borrow money from my family and use the cash-out money to pay them back, but 1) they are not sure if my refi will go through and 2) they don't support my real estate investing. Everyone keep telling me it's risky and I am better off finding a good paying job. I just wish they have been following biggerpockets. It's useless telling them what I learned here on BP, they just don't believe in investing. I guess my only option is to get hard money loan or push back the closing with my wholesaler, but I'm not sure he will be okay with it. Can someone let me know if using hard money loan in my situation will be the right thing to do?

Try Fedility Bank. They are a GA community bank and they will do 75% LTV on rentals.

Welcome to BP! If you haven't already, listen to the biggerpocket's podcast. It is a great tool to learn from sucessful investors. It's also great to speak to local investors. I hope you'll learn a ton of stuff and work toward your financial freedom.