All Forum Posts by: Chris L.

To do a cash out refi, the local banks I have spoken to need you to have owned the property for a year. so I was able to do that on the first but not the second property.(unless I wanted to wait) Seems the year makes it a comforming aka sellable loan. The other loan was a home improvement loan kept inhouse at the bank so I paid a little higher interest, but didn't have to wait for other options to become available.

YES, I lived in the first two and will be moving into the third soon.

Just wanted to throw out my current strategy. I have been able to buy three forclosed duplex properties. Two from Fannie one from HUD. Paying cash and signing owner occ. adendums. This gets me ahead of all investors as I have/will live in all my properties for the year required. I was able to pay cash for the first then after repairs finance it for 10 percent more than I have in it (all in). I then bought another and did the same, got ten% over as well. Now I just bought the third, doing it all again. My interest rates are 3.75 and 4.49 both 30 year fixed. The latter is a home improvement loan as I could not cash out refi having only owned the property six months. My rents are about 1500 total for each property having 75k, 78k, and 60k (est.on this one) into them.

Jerry, yes appraisals coming in close to auditors value about 10% under.

I'm a mechanic by day, want to work into this full time. I do some of the rehab myself, I have hired a painter a carpet guy and a hardwood contractor. This time I will also use a plumber, roofer, and a friend does hvac..

Thanks Jerry, I manage these myself. as I only have 3 duplexs. I always move into them for the first year so its pretty easy.

By the way. The county auditor has it valued at 135,000 the street is a mostly single families around the same value and very well kept. From experience in the same area It should appraise at least 120,000 so i'll pull 100,000 out of it once completed.

Just signed a contract on a duplex for 42,000. It is a HUD forclosure. I'll put 15,000-20,000 into it roof, gutters, ac linesets, some plumbing, paint and flooring, ect. Its on a nice street in a decent area. Rents at least 750 each. Taxes under 1000yr. Insurance around 600yr. Water 100 a month. Each unit has its own hvac. Large 2bd units, building is 3400 sq ft. total.This is my third duplex. I pay cash then finance after I fix it up and get it rented, then on to the next.