All Forum Posts by: Renjason Patulot

Another question, suppose a business partner and I purchase a property. One member of the partnership finances the purchase and rehab costs using hard money lending. Is it possible to have the other partner refinance, given that both partners are owners per the property's title? --essentially using the new mortgage to pay off the partner's short-term loan.

Thank you for your responses!

New RE investor here so I may be asking silly questions. 

1. Is the process for applying for refinancing different from applying for a mortgage to initially buy a property? Or are they pretty much the same and that they look at the same variables when approving an application? (e.g. credit score, annual income, credit-debt ratio) Is there such thing as a pre-approval for a refinancing? 
2. Once pre-approved, am I right to assume the amount does not change unless there is a change in my finances? (i.e. income, debt, credit score)
3. Can you refinance twice? For example, after refinancing you find a lender with better rate, does this happen and do people replace the original mortgage with a newer one?

I'm asking these because I'm thinking of buying property using short-term money, specifically hard money lenders for deals so I'm trying to look ahead into the refinancing part. I'm wary of entering a deal without being prepared to refinance.

@Alex Uman 🙌

I absolutely love the city! I can’t wait to go back!

@Ryan D. Exactly! We can't force trades and we're always at the mercy of institutional traders with all insider info. 😭 I still trade but on longer timeframes. I think this allows me to have most of my daily hours and effort to be spent on learning about REI. I'm excited to apply all that I'm learning. 🤩

Thank you! :D 

Hello everyone,

I’m new to investing in general. Crazy how a pandemic and market collapse can be a financial wake up call—like getting doused by a bucket of ice cold water.

I’ve been swing trading stocks for months now but realized it’s not the best path towards—-wait for it—-financial freedom!! *cue jazz hands*

Dividend investing isn’t really my cup of tea either. So here I am, a month into devouring as much knowledge as I can about real estate investing. I’m interested in building a rental property portfolio. The dream is to live off the cash flow and travel around the world!

I currently live in Iowa where I work as a speech pathologist but I partnered up with my brother and I plan to invest remotely in the Philadelphia area. (I'm bound to stay in Iowa for another year due to a work contract). Anyways, we're thinking getting started with BRRRR strategy SFR or small multi-family homes and house hack next year when I return to the east coast.

Looking for make great connections through BP!

- Jason