All Forum Posts by: Lyandrea Russell

@Arsen Atanasovski, do you remember which loan officer you spoke to?

@Landon Allen, thanks! I'll check them out. I did find another cash-out lender with favorable terms. No seasoning, 75% LTV, 4%+ interest.

@Sean Sloop, @Drew Brown, thanks for the rec. I'll be investing from out-of-state—I live in NJ—so wouldn't qualify for membership with PFCU. I did find another cash-out lender with favorable terms. No seasoning, 75% LTV, 4%+ interest.

@Sean Sloop Lansing is on my very short list of two and I definitely plan on purchasing there this year. Either this month or within the next three months. I should be able to work out which market I will make my first purchase in this week. I've been running numbers on Lansing properties and I have seen that brrrr looks possible and the cash flow numbers look great. 

@Drew Brown I sent you a message.

Thank you @Marcus Auerbach. Yes, I've had a realtor apply the term "wild, wild west" to Milwaukee's current market, which I had already gathered before inquiring. I've actually found a couple markets in Michigan that I'm exploring at the moment.

Hi! Can anyone direct me to investor friendly Michigan lenders who offer cash-out-refinances? I'm looking for SFHs in Muskegon and Lansing and am an out-of-state investor. I'm hoping for 75%-80% LTV and no seasoning period. So far I'm finding 6 month seasoning periods, which I will work with if necessary, but I'm hoping for no seasoning period so I can refinance within 2-3 months in order to acquire properties sooner. The HML I'm looking at requires 20%-30% down which will tie up quite a bit of money making it difficult to do more than one deal at a time or stagger purchases, so I'd like to be able to pull cash out of the deal sooner in order to move on to the next deal. One lender offered no seasoning period, but 60%-65% LTV which pretty much kills every potential deal. Thanks!

Hello! Are there any realtors who are in a market where there are still deals that could work with the brrrr strategy? I was initially looking into Milwaukee a year and a half ago but unfortunately that well seems to have dried up at the moment, certainly for single family, but I've seen a couple 2-family properties that may still be workable. I'm looking for markets to explore where the brrrr strategy might still work at this time—properties up to $170,000 that are 65%-75% LTV all in. I typically keep to the lowest crime areas on Trulia's crime map. Thanks!
 

@Dawn Anastasi  First, I want to say hello and let you know how great it is that you've been able to turn the terrible experience you had with your cousin and her husband (I saw your video with Lisa Phillips) into so much success. I am truly happy for you.

I have no personal experience with seller financing but I do agree with Bill regarding the down payment. Although a higher down payment doesn't mean a buyer won't default, it would offer you a larger cushion if they do. Seems like a lot of risk is involved and you would have to decide what number works best for you in order to help mitigate those risks. It is nice that you are trying to make it easier for someone to get into the property, but you would be taking on more risk than the buyer so it would probably be best to make sure you're covered first. I'm sure there will still be enough room for the deal to be a "win" for the buyer as well. 

@Jenny Gundersen Congrats!! My husband and I turned our main house into a rental last June. Good luck on your real estate/financial freedom path!