All Forum Posts by: Chris Ellis

Do you have the cash as the down payment for getting into a larger multifamily property? Perhaps pulling equity out is the only option to come up with the cash needed to get into the larger. Which property do you expect to create a better monthly cash flow compared to mortgage? I'll be happy to discuss if you'd like to connect. There are quite a few questions to answer. 

What are you paying $3k for? On a single family flip, the only out of pocket fees should be an appraisal, and then there are fees taken out of funding proceeds that should be clearly defined in an offer. I'll be happy to take a look and help. Let's connect. 

I'll be happy to help. Are you planning on doing any renovations to any of the properties? Let's connect. 

They will if you bring a sufficient down payment and have the proof of income to support payments on the loan. Is there any particular reason you are waiting for 6 to 12 months to start?

How long have you had the loan in your name? What was the amount on the original loan? What are your current payments?

Bigger isn't always better. Look at the trend for tiny homes now. Check the market and if it is hard to find a rental then it is most likely a good idea. Ultimately from your end, you will end up making more than you would from a single family home most likely. 

Down payment amount requested is certainly something to consider. Rates is another. Also if the rehab costs are covered or not and where that money is going to come from. Most lenders will structure it as an interest only bridge for 12 to 24 months. Then once a tenant is in place, renovations done, and you have had ownership for 6 months is when it will be a good time to start considering refinancing. 

Have you considered investing into businesses as another means for a higher return?

If you are going to be purchasing lists and spending additional funds to send them postage, the most important question should be which data is the most accurate. If you send 1,000 mailers, you want it to reach 1,000 people. Some lists are very old and information is outdated. The quality in data is most important. 

Try reaching out to such organizations and ask for a sample file to check validity in records. 

You can do a cash out refi to pull from the equity that you have established for the 14 years. Structure it as a bridge for interest only payments for 12 months to 24. Sell within that time after renovations are done or restructure the loan again into a longer term and rent it out. I'll be happy to help if you'd like. Shoot me a message.