All Forum Posts by: Lizette Perez

Ronan M. Hi Ronan, is it wise to use hard money finance to purchase a non fix & flip? I have an idea of using hard money to finance my next project and then do a cash out refinance to then buy the home under my name/LLC; but I've been reading some post out here about possibly having to wait 6 months to do a cash out refinance....any tips is appreciated!

Hi all! I'm live in Chicago and I've been investing in real estate since 2009, I was lucky enough to buy my residential and multi-family (2 unit) properties that year, all through Bank financing. I got lucky buying my properties since they were foreclosed properties, I put a down payment with 25% down in each, of my own money (Mind you I was 24 yrs old at that time). I then went onto buying one more multi-family (2 unit) 2 years after that, 2011. I was quitclaim deed to another property that I inherited in 2013 and that property doesn't have a mortgage on it currently. In late 2015 I did a cash out refinance on the first 3 properties and then invested that money in another multi family (2 unit) that I purchase in May 2016. I've been blessed thus far but now I'm looking for guidance in fix and flips / rehab and flip and building rapports with more successful investors than me, hard money lending and am looking to network with anyone in this industry. I'm looking to retire from my full time job and take this investing career to full time. Thanks all In advance.

Sonny H. Hi Sonny, that's a great question, I've been thinking the same. Given that banks normally give 70-90% for a cash out refinance, in your example I think that the answer to your question of, if the 1st property will be paid off, yes if you use Hard Money to purchase and rehabbing it... Curious to see what others would say.