All Forum Posts by: Michele B.

You can do cash out refinancing. Or you could do delayed financing.  Either will work.  The bank will loan you a percentage of what the cash purchase or the verified amount of the home. 

 I have heard 6 months to 2 years. That is standard.

 I would find something to value add right away with in the first six months or year and sell.  

Example, buy something for 200k, add some value...sell for 250k, use that 50k plus your initial 40k, to buy something for 450k, then value add for a year sell for 500k, take the 50k plus your 90k from the last one, and buy something for 700k.  Rinse and repeat till you get up to where you want to stop..... 

Good Luck

Tag me if you have any questions. 

I think that you although willing to get information do not completely feel comfortable in getting into investing.  Lets try this..... Why don't you buy in a c or d neighborhood that will not cost so much to start with and that way if it does lose then it is not a million dollar loss.  

That or find something that you can house hack.  You live in one side and rent out the other and make some/part of the total mortgage. If the economy tanks you can hope that the renter you have will continue to pay the rent and you personally might be able to subsidize yourself with a job to pay the mortgage. 

Good Luck and if you have more questions tag me. 

You can do a portfolio loan or a blanket loan.  It is a little paperwork intensive but, if you just bought them you should have most of the paper work already you will need. 

Tag me if you have any questions. 

Good Luck!

I think you could start with the 10-12 unit it will be a commercial loan of course.  Hopefully you can value add something and then sell it to get money for an even larger property.  Keep flipping up and then start another 10-12 unit and flip that one up.  Soon you will have multiple sizes, and multiple choices on how to increase. 

Good Luck!

I believe that all lenders I have heard of do count rent only if it is for 6 months or longer term on a lease. I am not sure about the lower interest rate for this type of property unless you are gonna live in it. You can buy either under a residential loan. 

Tag me if you have any questions. 

She said she was going to move in in six months for a year or two so that isn't fraud

 I think you will do fine with this purchase you have done the work.  It just seems like the numbers are off somehow but it just could be me. 

Good Luck.

IF you buy it in November you will have to wait 6 months or a year to refi it. Depending on what is a normal seasoning period. IF you get a FHA loan and move into it yourself your down payment would be considerable less. As it is your looking at 20% down.

Good Luck!