All Forum Posts by: Matt Everling

@Jimmy Epolito can you expand on that a little more? How can you add the rehab cost to the HUD? I'm assuming you mean the HUD-1 statement?

@Jimmy Epolito Thanks. Got it. So if you could find a lender that allows refis without having to wait 6 months, you could scale quicker. Just have to really know your market and comps to make sure you can force enough appreciation to cash out the HELOC money to repeat.

@Christian Nachtrieb and @Jimmy Epolito. So if I'm tracking, you guys are saying to use a HELOC to fund the down payment with a conventional loan, then rehab and rent and then wait the 6 month seasoning period and then refinance using conventional again?

@Greg Parker Thanks Greg!

@Joseph Back Thanks Joseph! I just sent you a PM.

Just got back from a successful trip out to Montgomery, Alabama and am looking to connect with a wholesaler!

@Hart Pearson Thanks for your great advice! Would this strategy work even if your wife doesn’t have a full-time job? Does a lender use 75% of the rental income as income to qualify for the loan? My wife has an awesome credit score but only works part time as a substitute teacher.

@Jeremiah Struble The change in zoning from residential to commercial or mixed use absolutely increases the value of the land. Significantly. This is called up-zoning. I am a City Planner and used to process entitlements for developers of raw land in Phoenix, AZ from residential to commercial, industrial, mixed use multifamily, etc. Once the City Council adopts an Ordinance approving the Zone Change and General Plan Amendment, pending an appeal, becomes law in 30 days.

BP collective genius! I am looking to buy my first OOS investment property and need a referral for a good honest HELOC lender. Leads would be much appreciated!

Thanks @Rob Bergeron and @Sean Williams for your replies! I will start my due diligence in the right direction thanks to you.