All Forum Posts by: Nurzhan Abenov

So we did rental condo cash out refi. for purchasing I believe fees are similar. It is higher rates and fees than conventional, but I don’t have w2, so that was the way we can get the refi done.

Appraised value $160k

Ltv 65% (you can go up to 75 on refi and 80 on purchase)
loan amount $105k

1% origination fee

Buy down rate $1,500. Rate after buy down 4%

Processing and Closing fee (to finance of amercia) $1,395.

Plus appraisal, title, escrow, tax recordation fees.

@Steve LeBlanc

You can do commercial loan. I just did one with finance of america.

Hello Bigger Pockets!

I've been reading about BRRR strategy for a while now, very appealing strategy. I know how to buy, Rehab and rent, the only missing part is refi. I'm looking to refi condo that I'm renovating now.

I've talked to few local banks but they don't work with investors. I found Finance of america, but their Rates are around 5.5% and fees are very high(Around $6K on top of closing fees for $125K loan). Any suggestions for banks or credit unions in Northern VA area that can finance under LLC or individual using only rental income?

Thanks

Use HML for BRRRR, buying at market price will not make sense.

Last year we bought using HML 1bd/1br for $125k. Market price was $150-155k. When refied after 8month it was appraised at $170k. ROI with current mortgage is 8%. Not the best ROI but the market is hot and it's tough to find 10% or more. Also we have good equity (money on paper lol).

There are plenty info on how to start investing in RE here on BP. A lot of reading and doing math ;-)

Hi Anthony, welcome to BP.

Hey Lou, I would suggest you reading success stories here on BP. That will help how people looking for deals, what mistakes they make.

Use apps like redfin or zillow. Just take a random property for sale and using mortgage calculator try to analize whether its a good investment or not. 

That will help you to understand how much you can pay for that particular property and have positive cashflow.

I think right now in our area a lot of competition and prices are high.

I believe it is very doable plan and can be done.

If you rent out your current house that will also help you getting a new mortgage, since current mortgage not going against your income.

But I would suggest you start looking for lender and once you get pre approval, find the right house and rent out your current one, or rent out first and than finance new house, depending on what your lender can work out for you.

Keep in mind besides renovation, you also have other expenses: closing cost when buying and selling, realtors comission when selling, taxes, insurance, interest if you borrowing money.

What damage was done by inspector?