All Forum Posts by: Michael Cortez

So almost midway into the closing for my first investment property in Rochester, NY and I’m switching lenders. My original lender emailed documents today saying estimate of cash to close almost 13K 🥺. A local lender in Rochester has brought it down to about 10K for the same rate. Has this happened to anyone?

I’m going into the deal with about 30-40K of equity so I would like to do a cash out refi in a few months. Do you think it will be worth it to try to roll the closing costs into the monthly now and put up with a higher rate for a few months in order to keep more cash in my pocket up front? When I do the cash out refi am I going to be looking at another 10K in closing costs 🤨?

Thanks in advance 

@Martin Grizzanti hey sent you a message. Definitely introduced my Rochester. 

Anyone investing in Rochester, NY? Seen good priced homes but what’s the rental market like? Heard some negative stuff about the area as a whole but none from people who are actually investing in the area. Anyone find it to be a good cash flowing/appreciation area? I’m still looking for my rental investment. 

Thanks for comments! 

Hi, so I'm looking to do my first BRRRR. I live in NJ but the homes are a bit pricey. I have family in Ocala, Fl where homes are cheaper but they're being snatched up quick. I have 25K through a HELOC (can probably get another 20K from my 401K and selling my stocks but would prefer to use OPM). If I'm putting 20% down that will leave me next to nothing for rehab. I already have a realtor who I'm in communication with (they've done business with my dad). I also have an LLC that I recently created because I know most HML/PML will only lend to a business entity. Any tips or advice would be awesome.

Thanks! 

Hi so are you still able to do a successful BRRRR even if the house is not paid in full?

So I know the main idea of a good BRRRR is to get a hard money or private lender that will pay all or most of the purchase and maybe the rehab along with maybe a down payment on your end to show "skin in the game". What if you find someone that will only fund 50% with no money out on your end up front. Are you still able to do a good cash out refi to pay back this lender once you do a small rehab like 15-20K worth of work? Or does it only work by paying off the house in full?

Thanks all

So I just recently started posting on FB real estate groups. Getting messages from a few investors. Fb gets a good amount of praise for these on a lot of YouTube videos I’ve watched. Any tips on spotting good ones and avoiding scammers? Other than I guess reading through comments. 

@Wayne Brooks thanks for the recommendation. Well hard money is the back up plan. Mortgage is the primary plan and I've seen a lot of videos that say banks won't give loans to LLC.

Hey all,

So I'm researching some approved hard money lenders in Florida. Lendingone and A to Z capital both say must close under an LLC. Can anyone recommend some others that will let me close under my personal name and without ridiculous terms? I'm also working on getting a HELOC on my main residence (house was appraised today and awaiting results) but I want to research hard money lenders because I don't believe I will get a lot from the HELOC. Any help or tips would be great.

Thanks! 

@clay 

@Clay Lehman thanks for the response. Yes a BRRRR is what I'm trying to do. Do you have any hard money lenders you can recommend so that I can research? Maybe ones that will allow me to pay the interest on the back end once I refinance as opposed to a monthly payment?

Hey so I'm in the process of doing a HELOC on my main residence in NJ. I gave an anticipated home value (number I got from my realtor who sold me the home and still keep in contact with) which was 500K. If the house comes back appraised at that value I'll be able to take out 50K. I'm looking to put that money toward a buy and hold rental in Ocala, Fl. I have family in the area so I'm somewhat familiar with it. For anyone that has done business in the area, with a budget of 50K or little less is it better to buy something turnkey ready or a property that's a little bit of a fixer? I know if I had more to play with I would want a fixer for sure to get some forced appreciation.

Btw I do plan on getting a mortgage of course I’m not naive to think I can get a house for that cheap anymore lol. 

Thanks!