All Forum Posts by: Paul Miranda

@Tiffany S.it has worked out well.  I ended up buying three homes about 6 weeks after this post.  I have a good contractor I use so I rehabbed the houses one at a time and the same guys worked the first house and are now working on the second one.  This keeps them happy and keeps my house flipping manageable since I have a full time job.  Let me know if you have anymore questions.

-Paul

Good to have you on the site! Good luck with your ventures. -Paul

Hi, typically a conventional bank will want you to be on title for at least 6 months before you do a cash out refi. They will have the best interest rates. If you are in a pinch there are private lenders who will do a cash out refi after you have been on title for 30 days. These lenders will typically be 1-2% higher rates than a conventional lender and have a 1 year pre-payment penalty. If you are interested in the 30 day refi send me a PM and I can help you. -Paul

I am having trouble buying a conventional loan because of the purchase price. I talked to about 12 banks and all have given me the same answer "it's too small of a loan for us to lend after the 20% down." So to get creative I plan to use my business credit to purchase the homes then refinance the full amount. Thanks -Paul

Hi all, I have two properties, SFR, that I am getting ready to get under contract. I am using a business loan to purchase the properties and make improvements. What are some longer term financing options I have that I can refinance the house to? I have enough to put 20% down on each property to refinance. Below is some specs on the deal Purchase: $50,000 each Location: Indianapolis, IN ARV: $65,000~$70,000 Rent: $800 each per month Thank you for any help/suggestions. -Paul

thank you for the responses.  I have made the phone calls and just waiting for the deals to start coming in.  You guys rock!!

-Paul

Welcome, I'm a beginner investor as well from Midland, TX and have been reading the Forums and listening to the podcast.  Good Luck

-Paul

I have been scouring realtor.com to keep up with housing trends and things seem to be taking a slight down turn right now. The inventory for multi-family units is pretty low while the SFR are taking about $5k drop in prices but still pretty low.

Does anyone here have any experience of buying and holding condominiums in Midland? I am a little hesitant to buy because of the re-sale potential. I feel like I would get better appreciation from a SFR vs a condo and cash flow the same in this market.

Thoughts?

-Paul

How's it going out there in BP land? I am new to the community and new to real estate investing. I bought my first home about 18 months ago at the rising edge of the housing market in Midland, TX. I have recently decided to rent out rooms in my home (SFR) to help offset mortgage payments and build capital for more houses (tenant moves in next week). I am looking to build my portfolio within the great state of Texas. I am looking forward to connecting with everyone and meet partners or mentors along the way.

-Paul 

Congrats and what a great experience to share.  It proves what hard work and sacrifice can accomplish.