All Forum Posts by: Nicole Wood

Were selling some things we dont need..such as the hot tub thag was here when i bought my current home..obviously before i knew about investing and a slew of of other things to raise capital. :) 

well.... we just got denied for another loan...DTI ratio too high for me and my hubby. I'm starting to get discouraged. I wish I would have found this site years ago or read rich dad poor dad. Too many credit cards...in too deep and trying to get out but stuck in the "rat race". Still not giving up but hoping I catch a break soon. We found a great deal and now have no way to finance it.

i would. that would taje away her rent save you guys money and give you some cash flow. eventually if she moved you could rent it out as well. even if the rent doesnt cover the mortgage itll be less than what she was paying monthly.

Thanks all!!! Im kind of introverted so no knocking on doors for me..not yet anyway

I just heard that on a podcast i didnt know how much but i did know i had to consider those things. Im hoping to become a realtor so i can cut at least a little of that cost

This Is kind of an odd story...but I was at one point doing the driving for dollars technique to get some deals...anyway no one returned any letters I sent out...however I stumbled accross a house in a neighborhood where comps are high and the home looks like it needs TLC but is a potential flip for sure...I searched the public record to contact the owner and it says its an estate of someone who was deceased...I have called the county, town assessor, surrogate court and a realtor and no one has any info for a contact person or whom owns this home. Surrogate has no estate listed under the person's name. I looked up the person's obituary and his childrens names are listed. Should I levave this one alone or proceed and contact his children? Not sure if that crosses a line or makes me very eager to get a deal lol. the county did tell me this house is back 2 years ontaxes so will probably be up for auction next year in the tax auction.....opinions?

Yes

right okay i think i have it right now lol

But if you refi when youve akready borrowed 75% against before repair value some of the refi is going back towards the borrowed money used to purchase.  If you took out a loan for 60k its now worth 130k you cam do the cash out refinance but 60 k of that will go nack to original lender to pay off the 60k so youll only have 10k then left over in cash after paying back previous lender at 70% ltv on arv. Thats where i was getting confused but if you had used all cash you would get 70k back with refi 

Okay, thank you all so much! I think I now have a complete understanding. I think I was assuming people already had a loan on the house, but now it makes perfect sense that if you bought the house and rehabbed with cash you would get 70% of that back. My initial strategy will be a mixture of house hacking and brrr so I was thinking of someome who already had a mortgage on a home. Thanks all you really helped clear that up for me!!!