All Forum Posts by: Redgy Saint-Germain

I've been looking for a Sample Deal for the last few months and didnt know where to start. now I have one thanks to this podcast :) 

Good one

Hey guys, 

I have a property with a 30 year FHA that I am trying to refi to a 15 year conventional. My monthly payment will increase another 600/month but I would build about 15k/year equity as opposed to 4k/year. I have over 110k in equity in the property and want to use that money to jumpstart other rental investments.

Is it better to refi first ? How hard is it to refi after an HELOC

Thanks

@Joshua Friscia

It`s worth the extra paperwork, not only you get to put ONLY 3.5% down you will learn so much from the experience as well. It will make you a better investor.

In my opinion a 203k loan is the best loan to get started. Good luck 

Hey guys, 

I am asking as an investor some suggestions and I understand this is in no way "legal advice". Here is the situation 

I will receive a bonus check from my W-2 job and for numbers sake we`re gonna say its 50k, now according to the IRS my employer will withhold 25% in other words 12500$ for tax purposes. Now we can all agree this is quite a bit of money that can be invested in a deal. I can take the hit now, pay the 12.5k and get a refund next year or I can try to figure out the best strategy to invest that money in a deal or two this year. I have thought about putting the whole thing into my 401k and take a loan to invest but for 2018 your max 401k contribution is 18500$. 

This is where I need some suggestions :)  feel free to comment.

@Benjamin Boynton

Welcome 

@Marc Cesar Understood, you should look into the FNMA Homestyle loan, requires 15% down with a 680 score for an investment property. That may work for you. 

@Marc Cesar I wouldn't even get a loan for that much, you can easily get a duplex or triplex with less than 20k assuming that you will live in one of the units. Leverage the FHA program with 3.5% down and try to get the seller to pay for the closing costs for the property. You can land yourself a really good deal that way.

Good luck

@Philip Bennett As several people stated in this thread , the fact that they are illegal is irrelevant. If you want to dismiss their application do it based on the ground that you don't have enough information (assuming its the case) not because they have an illegal status. If they can provide proof of income, references and all the information you asked for their status shouldn't be an issue. 

Good luck

@Tony Wooldridge I can relate, I am going through the same thing right now. Its taking a guy a month to build two stairs in one of my properties. He called me up Friday stating he was going to a Gala in NY and he wouldn't be able to complete the project until Monday then called me Monday to say he was too tired and would be there Tuesday. I didn't hear from him on Tuesday, he texted me Thursday to tell me he was finishing the bathroom for someone else and would be on site Today ( he is on site now, I told him I wouldn't pay him until he completes the project).  I am still looking for good contractors

Redgy

@Gilbert Lugo Try to leverage debt as much as you can and get a good return on your investment. FHA with 3.5% down is a great start in my opinion :)

Good Luck