All Forum Posts by: Robert Reineri

Super nice job! Really like those floors. Grats!

Are you going to stage it?

Nice!

Thank you for the replies .  I'll be moving to Murfreesboro , Rutherford County . I live there for almost 20 years  in the 80s and 90s  and really enjoyed it but was forced to move  for employment purposes . Now that I'm  going to retire  I would much prefer there  rather than Florida where I am

Aren't the monthly distributions I will be taking from my 401k considered income?

I'll be "retiring" to flip full time starting in August. I'll be moving to a new area (from Florida to Tennessee), and would much rather purchase a home than rent. Say I found a home I like for $200,000. Would a bank be willing to lend money if I were to put down $100,000, a 50% LTV? I'd kind of like to go with a conventional loan, because I want the lowest rate possible.(My current home is FHA financed and I don't think I can have two FHA loans, can I?)

It's the income piece that is stumping me. I have enough money in my solo 401k to retire now but how much is enough? Do I have to be able to pull $2,000, $3,000 or more out of my 401k for the entire term of the loan? I'll be collecting about $1800 in SS but not for another 3 years (I'm 59 1/2 now) .

Any other financing options I might have? Just can't stand the thought of renting at this stage of my life.

Oh almost forgot. I have a 720-ish credit score and no debt besides my home here in Florida, which I will be keeping as a rental. That will pretty much be a wash, but this area is booming, and I want to keep the property for equity buildup/appreciation purposes.

Thanks

I'll be "retiring" to flip full time starting in August. I'll be moving to a new area (from Florida to Tennessee), and would much rather purchase a home than rent. Say I found a home I like for $200,000. Would a bank be willing to lend money if I were to put down $100,000, a 50% LTV? I'd kind of like to go with a conventional loan, because I want the lowest rate possible.(My current home is FHA financed and I don't think I can have two FHA loans, can I?)

It's the income piece that is stumping me. I have enough money in my solo 401k to retire now but how much is enough? Do I have to be able to pull $2,000, $3,000 or more out of my 401k for the entire term of the loan? I'll be collecting about $1800 in SS but not for another 3 years (I'm 59 1/2 now) .

Any other financing options I might have? Just can't stand the thought of renting at this stage of my life.

Oh almost forgot. I have a 720-ish credit score and no debt besides my home here in Florida, which I will be keeping as a rental. That will pretty much be a wash, but this area is booming, and I want to keep the property for equity buildup/appreciation purposes.

Thanks

I've sent you a PM.

Thank you for the responses. I've been contacted by several lenders, and will post a summary of my findings. I appreciate the different feedback!

I've bought and sold a number of homes in my life , and even flipped a couple but I've always used conventional financing.

Lately I've run across a couple properties on the MLSthat's say hard money or cash only , bring proof of financing .

As I understand it, hard or private money depends on the property/deal and not the borrower for approval. So is it possible to get some type of funding commitment when I don't yet know which property I'm interested in?

The reason I'm asking is because I'd like to get as fast a close as possible!

Thanks

I've bought and sold a number of homes in my life , and even flipped a couple  but I've always used conventional financing. 

Lately I've run across a couple properties on the MLS that's say hard money or cash only , bring proof of financing .

As I understand it, hard or private money depends on the property/deal and not the borrower for approval. So is it possible to get some type of funding commitment when I don't yet know which property I'm interested in?

Thanks