All Forum Posts by: Robert Herrera

Joshua Levine just make sure you’re making money. It’s one thing to go with low cap rates, but if they don’t really make money it’s a waste of time. I buy houses all day for $50k-$75k. $15k down. Mortgages around $200-$300/Month PITI. Rent for $800-$1,200/Month. Easy 40%+ return annually. So what if they have worse tenants... screen them better before hand.

Jen Pothilat Wells Fargo sucks in my opinion. Google mortgage brokers in your area and start dialing.

Jen Pothilat you need a BROKER not a BANKER. Banks only sell you loans they have. A broker will do a cash out refinance because they can use ANY AVAILABLE loan.

Jen Pothilat who told you that you can’t do a cash out refinance?

Jen Pothilat the bank will loan you the $175k. They will pay off the old loan of $45k with the funds from the $175k. Leaving you with $130k cash in your account.

Jen Pothilat make sure the title company takes him off the title! Very important. Double check even at closing. Smart women buying another property with your tax free money!

Jen Pothilat I’d do a cash out refinance. First get an appraisal so you know what the actual value is. If it is $250k then subtract the $45k leaving $205k divided by 2=$102,500 equity each. Cash out refi at 70% loan to value. That’s $250k at 70%= $175k New Mortgage! Split the closing costs or make him pay the closing cost since you are taking on the debt. $175k -$45k old debt= $130k. $130k- $102,500 = $27,500 cash out in your bank account. You pay no taxes on any of this as you don’t pay taxes in a loan. He pays taxes on the $102k as it’s considered income from you buying him out. Plus he pays you for the closing costs.

Bart Hedgcock regardless of the dog is a service animal or not, the dog has humanitarian rights. You can’t leave a pet tied up in front of your house all day long in the weather. Having a service animal doesn’t remove your responsibility for caring properly for the animal.

Chris Pasternak I am interested in those lenders. As well as anyone who would want to owner carry in that area as well.

Jeff White looks like the plumbing is bad somewhere. Don’t think this sand is lingering from construction. It’s probably the earth under the place. Sucks but you may need to do a major repair. Check your insurance for plumbing claims