All Forum Posts by: Pirom Ting

Wow, this is amazing! I've been looking for something just like this. Thank you so much, I really appreciate this and the advice from both of you.

I was told that bringing a contractor with you when visiting a home is the best way to estimate the repair costs on rehabs. Someone else told me that it's not usually effective and a waste of time and potentially a waste of money.

What is the best way to get a true estimate on repair cost when deciding on a home that I want buy, fix and flip?

Thanks everyone for the advice. 

As far as seasoned money, is that requirement per lender? That is why I figured to have the money put into my wife's account and have her give it back to me as a gift with a notorized letter. 

When I bought my first home, that is how I got the down payment and the house was bought under my name. My lender didn't ask for anything more than the letter.

Hi Klye,

I haven't confirmed with any lender about qualifying for the mortgage while having the cash advances on record. I used some calculators online and summed up my expenses and what I expect to be my minimum monthly payments on the credit cards and it came up with a 33% DTI.

Although my wife and I are working together to try and get the down payment, we plan on, once the home is purchased under my name, that I will shop around for a personal loan to 1) pay off the credit debt 2) pay for repairs and 3) sustain payments on the loan itself while we put the house back on the market. I read some other forms that said not to tell the lenders that the personal loan will be for home repairs, so I was planning taking the loan out on the premise that it was for debt consolidation.

We are still in the early stages of planning and searching for a good enough deal so that the profit on selling the house will cover the remaining mortgage and personal loan and leave us with a little more than what we had to begin with.

Thanks

My wife and I are thinking to take out cash advances from her credits cards, to gift over to my account for a down payment on an investment property. We're looking to get $15K-$20K out of it.

We're looking for advice on whether this is a good idea or not. 

The property we're looking to buy is between $75K-$100K with repairs needed. 

In the end, worst case scenario, we would be able to sustain payments on the credit card and the mortgage if necessary. We are just trying to get the down payment faster than just saving up for it.

Thanks

Pirom