All Forum Posts by: Ryan Rodgers

Would a HELOC be a good route to go with this property? I can get it locked at 1.99 for 6 months, which would be paid back before 6 months.

Thanks Derek and John. I reached out to Jerry and you as well Derek. 

Thanks everyone. I have called and called banks, credit unions, and mortgage brokers and it is the same 50k min. Does anyone know of anywhere in the Louisiana area that they could point me in the direction to? Or do i even have to use a bank in Louisiana to refi?

Thanks for the advice. I haven't had any luck with credit unions and banks in the area regarding the minimum which is why I thought to maybe take the money and invest in a home where it would break the 50k refi limit. Would a portfolio lender be a good way to go considering this is my second rental? From what I've read, I should wait until I maxed out at 10 conventional. 

Hey everyone. This is my first deal so I really don't want to screw up. Hoping for some guidance.

I recently bought a home with cash in July for 13,500. Rehab will be 10k. ARV is 45k. Will rent for 800.

I was offered 24,000 from another investor after I bought the house. I could have turned it over to him..made the profit and be done, but feel that I got a really good deal with a huge ROI considering the rents for the future, so I declined. As of now all the money I have in is the initial 13,500.

When going to refinance at the bank I was told that the minimum they could do a refinance loan for is 50k. 80% of 45k ARV is only 36,000. I could do a HELOC but the rate goes from 2.9 the first 6 months up to almost 8%. I don't want to be stuck in this loan the entire time holding the property. So what do I do?

Should I wholesale it, take the money and get into a home where the 80% LTV is above 50k, or should I keep the deal and rent it?

C neighborhood. Own another property across the street.

Thanks! 

Hey everyone. This is my first deal so I really don't want to screw up. Hoping for some guidance.

I recently bought a home with cash in July for 13,500. Rehab will be 10k. ARV is 45k. Will rent for 800.

I was offered 24,000 from another investor after I bought the house. I could have turned it over to him..made the profit and be done, but feel that I got a really good deal with a huge ROI considering the rents for the future, so I declined. As of now all the money I have in is the initial 13,500.

When going to refinance at the bank I was told that the minimum they could do a refinance loan for is 50k. 80% of 45k ARV is only 36,000. I could do a HELOC but the rate goes from 2.9 the first 6 months up to almost 8%. I don't want to be stuck in this loan the entire time holding the property. So what do I do?

Should I wholesale it, take the money and get into a home where the 80% LTV is above 50k, or should I keep the deal and rent it?

C neighborhood. Own another property across the street. 

Thanks!