All Forum Posts by: Account Closed

Hey @Michael Noto the property is in Nevada. Thank you though. 

Hey David,

It is the same broker but they told me it has nothing to do with their fees. It was not your normal conventional type loan. It was a bank statement loan program. But regardless I'm just looking for any lender that can do a cash out refi right now. 

I just bought a property I'm going to live in with a conventional mortgage on 6/2/16. I've put about 65k into it and it's just about done. I would like to refinance the property and get that money out. My lender tells me that we can't use the new appraised value until 6 months after the purchase. I'm curious if there are any lenders out there that will refinance and use the new value right now? Or if anyone has had any experience refinancing right after buying and renovating?

I reviewed that. It didn't give a specific answer...

I'm looking at selling my personal residence at the two year mark so I won't have capital gains. My question is I bought the property on 3/28/14, so can I sell on 3/28/16 or do I need to wait until 3/29/16? Also take into account this is a leap year so I would gain an extra day as well. If any accountants know the answer to this question that would be great!

@Jean G. if you wanna send me those condo owners info I'd be glad to try and work out a deal with them. If I'm able to we can work out a fee for the lead. Message me to talk more. Thanks.

@John Wielgolinski I don't have all the exact numbers in front of me but ya the $7500 included all holding fees and origination. So I purchased for 88k and spent about 2k in escrow fees on the buy and sale. I spent about 8k for the buyers agent commission and contributions towards buyer's closing costs. Then I spent around 29k for repairs which include utilities, insurance, etc. I also made a 3% commission on the purchase so that was about $2500. I'm sure I'm forgetting something but it came out to about a 12k net.

@Ron Woods Thanks man. I had to put about 50k of my own money into it between rehab, down payment, and loan fees. The lender gave me 78k of the 88k purchase price. Pretty much the biggest thing is getting someone who can give me an accurate estimate for when I can't physically see the property. 

Just wanted to share my 3rd flip of the year our here in Las Vegas, NV. Just to give a little background I was out of state for the summer so I never saw the property other than the pictures. It was a HUD home listed for 96k on the MLS. I bid 88k and got the property. Based on the pictures and having a friend look at it for me, we figured it would be about 20-22k in work. Well as you can imagine it's a little hard to get a good estimate when you don't see it yourself and it ended up being closer to 29k in rehab costs. I financed it with hard money and ended up paying $7500 in loan fees between origination and holding fees. It took a little less than 5 months to fix it up and get it sold. I ended up selling it for 145k with $4000 in closing costs credited to the buyer. After all the fees and holding costs I profited about 12k. I expected to make almost 20k going into the deal but the rehab estimates were off by not seeing it. It still ended up being a good flip and everyone made money so I can't complain! But now I know next time I can't see it to get someone who can give me an accurate estimate! Here are some pictures!

@Percy N. There was a second living area that could only be accessed by walking through a bedroom or through the backyard. To fix it we had to knock a few walls down and build a hallway as well as build a couple closets. We were hoping someone would just buy it the way it was. And there was some interest in it like that but we ended up making more by adding that value and making it more functional.