All Forum Posts by: Ramon Alvarez

Joshua Fulenwider much appreciated on this. This definitely helps big time. We have been working on this house for some time now and it looks great. I really do believe that the appraisal will come in at what my comparable comps brought. My next step is definitely to talk to a lender and find out what's my best option to have this structured and see my options. Very much appreciated on this. Thank you.

I purchased a house back in January in Western Mass and I owner financed the property. Im possibly looking to refinance it into a regular loan. I've read a few forums and some say 6 months and some say a year but it depends on your bank. Im sure the home will appraise a lot higher than what we have into it but wonder if they would actually appraise for a little under market value so I can pay off the existing loan (old owner now lender) and keep some of the money for myself for maybe a few more repairs. Also I know I would have to meet the banks lending criteria so would it make more sense to refinance it in my name or under my LLC? Any suggestions would be greatly appreciated. Thanks.

@Tom S. very much appreciated. 3 months is definitely the shortest I have heard. I also heard 6 months as well. Going to shop around with banks tomorrow and see what info I can't get. Thanks . 

So I'm getting ready to close my first fix and flip deal in 2 days. I acquired the property using owner finance. My question here is .......... am I able to get a home equity line of credit on a property I am owner financing?? I have some capital prepare for this project. I just want to be prepare for the unexpected and if something like this would be an option for me. Any info is greatly appreciated BP. Thanks in advance. VR Rey

So I have a SF home and then I purchased another home but used my wife to assist with the DTI issue I was running into. Would that be considered my wife's first home or can she still purchase a home under the first time home buyers program? We have been running into the issue of our DTI being to high with regular lenders but their not looking at the deal. We have 2 properties and we're trying to secure 1 in the next two months. Is there anyone that can shed some light on this issue??? Kind of in a weird spot where big lenders are saying no to me but wondering if they will do no to her if it's her loan. We live in Western Massachusetts and really like our market in this area. Thank you in advance BP!!

Looking for someone to assist me in putting together a business plan. I have reached out to Mass SBDC and Score but both are booked for sometime and respond late. Is there professionals in the local area near Indian Orchard, MA that can assist in putting together a business plan with me?? Any help on this is greatly appreciated.

Have you looked into local banks that will give you a line of credit. We have a local bank here in western mass, that if you have an LLC for a small business and apply for an SBA the line of credit, this allows you to assist you in your next purchase . That's one option. It has worked very well for folks down this way who use this line of credit for home purchases and rehab and then refi for long term buy and holds . I live in western mass but I work in the White River area . So I see how both ends work in both states .

@Ann Bellamy thank you for your insight as well. Forming an LLC is on my list of things to do at some point . I did see it didn't seem to hard to do on mass.gov. I also have an attorney that I am working with who have assisted me in closing my first two homes. Very knowledgeable guy and is willing to assist me through my process. Everything for me has to do with timing because of the nature of my full time job , I am sacrificing my personal time and down time doing everything I can to make it work . I think I am going to be successful this year in my first flip and I will make sure to post details and pictures to show my process for everyone here on BP. Again very much appreciated .

@Bob Couture thanks for the insight . I was at the REI meeting in February when it was at Theodores. I'm currently on active duty still and was at a military school . I stationed in Vermont but live in Western Mass but I will do my best to make it to the next one.

I actually have been networking locally with a few folks and they have given me some really good tools to work towards my next step. I know the first flip is deff the hardest but I think I found the route I am going to pursue to acquire funding for my first flip. But I'll deff try and make the next meeting . Appreciate the insight. 

I appreciate everyone's response . I think I'm going to need a different approach for my area. Thank you .