All Forum Posts by: Ryan C.

Yes. Use heloc to purchase property in cash. Then refinance to conventional and pay off the heloc. There are more moving parts to this which are answered all over this board, but this is one way of doing it.

I’m interested to get some advice myself. I’m in the same boat. My inherited tenants are paying $150-200 less than the going rate. I know they will not like the lease renewal coming up.

Thank you for your reply. I didn’t mean to jack your post. It’s just an issue that’s been weighing on me because I think most of our goals include being financially independent and to me it includes health care. Let me know what you come up with for a group health plan. I’m curious to know if enough investors got together if a worth while (cost effective plan and affordable one) can be achieved.

Great post!! That’s one of my goals in this quest to become financially independent through REI. Some may find this weird, but I can foresee the only thing holding me back is the comfort of health insurance I get from my day job. I feel that even if I made a ton of money through REI, I can’t bring myself to pay the premiums that these states health exchanges are charging for subpar medical coverage. Maybe by then, the country will have it all worked out, but very doubtful. I’ll end this with a question for any of you that have gotten to this point through REI and are hopefully young enough to enjoy life (not old enough for Medicare). What do you do for health insurance for you and your family??

Hey Raylan, I’m looking to attend, just waiting on my work schedule for next week. I’m also having trouble sending PM’s. Not sure if it’s because I don’t have a Pro account. Try sending me one that I can reply to. Thank you.

Any investment friendly lenders in New York State?

Hey BP community, looking for some direction on another situation I have. I purchased a fully rented double in November for $120. I paid $20 down and financed 100k as a documented private mortgage with my father. Value of the property is in the 160k-170k range. I would like to do a complete cash out refinance.

I read alot about the Fannie Mae rules regarding delayed financing and the 6 month seasoning period but I am unable to find information directly related to refinancing a private mortgage. 

What needs to happen to get this deal done? (refinance and cash-out the full value asap)

A commercial line of credit was an option presented to me above in response to my initial question. No, commercial is not how helocs are done. A heloc is through residential, a commercial line of credit is through the a commercial lender or commercial dept. of your bank.

If there is a lender that will refinance immediately after a cash purchase on this site and will use the rental income against my DTI immediately, by all means send me a message. I think we all can agree that the last R on the BRRRR strategy is the hardest, especially when your just getting started!

Thanks again for your reply. The 6 months that I originally referred to is what I thought the “seasoning period” was what I needed to wait after purchase (with cash) before a bank would refinance based on a new appraisal and not the purchase price. The 4 months to two years I mentioned later on is referring to the time period banks (that I’ve spoken to) wanted to see rental income in order to use it towards income for the refinance. If my w2 income was high enough to qualify by itself to refinance, it would be no problem, but the banks want a history and the time frame of the history seems to vary by lender.