All Forum Posts by: Ryan Muska

Both are going to be higher interest rates. But if the timeline and the profit margins look good, then go for it. 

Risky though, that's for sure. 

Yes, address wood rot immediately. Think about it this way: would you address a structural issue if you had one? Wood rot is a structural issue.

If you are uncomfortable with any investment. Just get out of it. Sell it and hope that you get a profit.

As Doug said, experience will help you get a loan and not having any experience is going to hinder any application you have.

Hi Meeshun! Welcome to the REI Industry! Lots of enthusiasm here!

Michigan has lots of good markets! Have you looked into any other states?

Also, what are you looking to do: BRRRR, Fix and Flp, etc.?

What price range are you looking for and what types of properties?

I'd love to help out, but I will need some more information!

As @Erik Estrada said, make sure there is more to it. Land has little value unless it is improved.

Those "buy equity" options are definitely available. Here's an example:

You have 200k equity in a 500k house. You can refinance since rates have dropped. But now you also want to put an additional 100k towards the house leading to a better interest rate had you refinanced. Also the LTV will be 60% instead of 40%. This is no problem for a bank.

In terms of when it is a good time to refinance, that is up to the borrower. You may think it is a good choice to refinance when you save $100/month! Otherwise you may want to save $300/month! It's all up to the client and how much they are willing to spend in order to save a certain amount.

There are sometimes refinance seasoning with the new property. But typically you can do a loan immediately after buying a property cash to get the money out of it. 

I'd recommend talking to a mortgage broker licensed in your area.

Build the team first. I learned the hard way that without a team, if something goes wrong in the purchase/during ownership you will be scrambling.

Reach out of you ever have questions about financing!

Let's talk. I have some potential suggestions, but I may be able to help you out.

Welcome to the REI industry!

Check out David Greene's BRRRR book. That may be something of interest to you since you have contractor connections.

I would also suggest looking into house hacking. I know you are currently living rent free so maybe that is not the first step, but it's definitely an avenue that if done correctly can lead to you living rent free and having someone pay a mortgage on your house for you!

I'm based in your area and if you ever want to connect, definitely reach out!