All Forum Posts by: Malia Irvine

I am trying to purchase a duplex at $25k. My plan is to BRRRR. My concern is amount I would get out to pay HML with cash out refi. I predict it will currently appraise around the $45k area untouched. It's a small town so not many comps. I'm think of putting maybe $30-35k into it to be a commercial loan of 60k max and hoping to bring the value up to around $80-85k+.

PP 25k (personal loan)

Rehab 30-35k

All in 60k

Possible ARV 80K (Low end)

80% LTV on cash out would be 64k. Are these numbers too close?

Is there a holding period to cash out refi if I bought with cash with my personal loan? And no money is needed down if it’s your property, correct?

Has anyone ever bought from the online auction and had a good deal? Obviously, I get that what’s online is not picked first. But do banks sometimes change their minds and choose to sell and start with super low bids?

Follow up. I obtained a personal loan and just closed on my first investment property!! Excited for the new adventures to come!

@Tyler Bushey i need to save up a little to get to but I know someone who does lend.

@Victor S. I’m not necessarily. My lease to my apartment isn’t up until March ‘19. I do want to buy my first home then for myself. Still trying to determine my game plan.

@Victor S. Bottom line.. I need to be more frugal with my money. Save more (obviously). I’ve even considered obtaining my license and doing that part time. I have yet to make a move because I’m trying to get my ducks in a row. I felt like wholesaling was my entry to cash flow. I did a direct mail campaign but seen it took money to try and make money and I had heard 50/50 good and bad things about direct mail. As an agent, I’d be able to do all of the above. I have a mentor who does all of the above. I know I am going to have to be diligent in my work but I was wanting to know if others had success stories with zero down and the likelihood of success with it. I got pre-approved for $50k for a personal loan. I’m inexperienced on interest rates and terms. Ideally, if I wanted to buy and rehab, I would only want that loan out for a year and possibly flip it a couple times before paying it off entirely. Suggestions?

@Alex King never heard of it

@Mike H. So I’ve thought of this and to use a first time buyer loan, do some renovations and build equity and then sell after a couple years using a 30 year fixed rate instead of 15 since it won’t be a forever home. Brandon Turner’s book mentioned owner occupied being a good first step into the RE world.

@Eric Adobo RE is my long term goal out of working crazy hours, obtaining financial and time freedom, and not having to pay a nanny to pick my daughter up from school.

@Eric Adobo and it’s based on years in the field for pay. I’ve only been a nurse for 4 years. I’m only 26.