All Forum Posts by: Ryan Rossi

@Rick Pozos what about a re-appraisal and HELOC? Possible? If so,I have heard you can use LOCs for pretty much anything from Dwn Pymnt to cash at auction...??

Thanks @Rick Pozos! Good info!

Don't I have to refi to do a HELOC? Based on the new value of the house? Am I thinking about this wrong?

@Jaysen Medhurst that’s kind of what I’m leaning towards but I just wanted to get some sort of cash return before the crash hits.

So I bought a live-in-flip in January in San Antonio, Texas. I will be done by the end of April and ready to put it on the market. I am looking for some opinions on what my ways forward are.  Here is my scenario. I have my wife and two kids with me. Recently my son has been going to therapy for acting out. The therapist told us it would be good to keep him in a stable environment (he has never been in one... I'm military). Anyways, If I cant find a deal in the school district then I will have to figure out another ways to re-invest the flip money.

I bought the house for 180k+10k in reno ARV is about 230-240.... Here is what I have come up with

1. Sell the house, cash out, pay the taxes, repeat (in school district)

2. Refi, pull % of equity out, continue living in the house, re invest 

3. Refi, get an equity line of credit, continue living in the house, reinvest in something outside of live-in-flips

What do you think is the best option and or what other options do I have??

Maybe just me but I feel like the "Craigslist Wholesalers" are typically the ones you are describing. On a podcast I listened to recently, they talked about how there are so many "new" wholesalers that are jacking the prices. Seems like they are getting a small discount and then their assignment fee jacks it up to just below market value. Like someone said above... maybe new flippers are just taking the bait and hoping for the best :/

@Shaun S. Where is the property located?

Good morning! Well I have been in SA about a month now. We got into a live-in-flip by 1604 and Potranco. Love SA so far! Hopefully I will be done with this house in the next couple months. (doing renovations myself takes forever) Hopefully this flip will provide me with enough cash to be able to work with a Non-VA loan next time. We got really lucky with this fixer upper! Does anyone know of any RI meetings in SA?

I am moving to San Antonio 31st of Jan 19. I am looking to do a couple live in flips to get me started. I am coming out of a career field in the Air Force that does general contractor things ie. roofing, framing, masonry, locksmithing, renovations, etc. I am looking at trying to get something about 30 min max drive time from Lackland AFB. I am moving my wife and two kids with me as well, so ill have to move into something at least livable. I do have a couple questions though. I was leaning towards using a VA loan. Does anyone have any referrals for loaning offices? Also, Are there any areas I want to stay OUT of?

THANKS ALL! Look forward to meeting some fellow investor in the area!