All Forum Posts by: Russ Wahl

@Filipe Pereira

They did the same thing to us when purchasing the second property but I figured leaving 20% equity and the fact that we owned thus one free and clear would be enough. I guess we’ll be on the hunt for short term cash. Thank Filipe

@Mark Neudorf that’s good to know. We were contemplating a mortgage broker but we’ve just spent weeks getting CU everything they’ve been looking for, now this.... plus the appraisal is $600 and only good for the CU so we’d have to pay it again with another bank. Guess we’ll have to go on the hunt for short term money again.

@Alexandre Marques dos Santos

Thanks for your feedback.

The plan is to use the refi to pay off all those debts. The credit card isn’t at zero because we’re using it to start the rehab on the second house while we waited for the refi. Just seems like a vicious circle. May have to find a better lender.

@Nahir Solis

Hi there,

This property is in Saskatchewan Canada. For the time being we are investing in the Saskatoon area but would love to dip our toes in the US market.

They are only doing an 80% refi so we would be leaving 20% equity in the property. The numbers all worked out good except for this hiccup

@Jeffrey Decedue

Thanks for the feedback. No they’re not talking about a Heloc. They made us do this in order to be approved for a conventional mortgage on the second investment property as well. I didn’t think it would matter tho for a refi as we own the house free and clear.

Has anyone ever run into this issue and how do we navigate it?

We bought our first BRRRR deal as a bank foreclosure. Took weeks to clean it up and months to rehab. We fixed it up and put tenants in it and got an appraisal done for the bank. All the steps that Brandon and David talk about. We were using private money and had some left over. So not wanting that money to sit idle we purchased a second house that we could BRRRR once we refinanced the first house. All is good except that the day the bank is supposed to close the refi they tell us that all of lines of credit and credit cards need to be at zero to be approved! Now not wanting to sit idle while waiting for the banks we have started the second house rehab using the lines of credits and credit cards. How are we supposed to clear those up and why is this not told to anyone before they refi?! How are you supposed to have your cake and eat it too? It's takes money to rehab a property but your supposed to have money to refi?? Any advice would be appreciated. Thanks for now

@Travis M.by printing money and increasing the value of assets you also need to watch and worry about decreasing the value of your dollar. That’s the problem in Canada right now. We have printed too much and devalued our dollar which makes our materials very expensive.

@Ryan Myers Hey Ryan, sorry man we've been incredibly busy lately. We took the leap this spring and purchased our first BRRRR. This house has been our side project as General Contracting and our staining and lacquering business has kept us busy. We are just wrapping up the renovation and have our first tenants moving in on the Oct 15th!

How about you? You were talking about the Prince Albert area? Did you find anything that interested you there? We’ve thought about PA but for us right now the Saskatoon area is closer.

@Skyler Dillman hi there Skyler, we are from the Saskatoon area as well. Would love to connect sometime

@Ryan Myers Hi there Ryan. My wife are just growing in our real estate journey. Just wondering what your story is and or what your looking for? Can we help you in any way?