All Forum Posts by: Jaime Arredondo

Try local estate sales ... I have found top quality appliances for low quality prices

I recently went through that process. Here are my two cents:

1) I paid cash to secure the property (owner needed money quickly and did not want to wait for the mortgage process). Advantage: I was able to secure a 17% LOWER SALE PRICE due to paying cash. 

2) Disadvantage: Check if your bank has any "seasoning" periods. I had a hard time securing the mortgage because many banks have a "seasoning" period, which means they can't do a cash-out refinance until you own the property at least 6 months. 

3) Disadvantage: THEN, I learned what @Russell Brazil is talking about. When you hit the 6 month ownership period, they do the cash-out based on the PURCHASE PRICE. Which may kill pulling your equity since you may have paid very little for it. 

4) Try to secure a mortgage with local/small banks, if other "big" banks reject you. They may offer commercial loans that can give you the mortgage quickly.

So overall, if you have a strong credit history and income, you should be able to secure a mortgage quickly. But if you don't, then you just have to wait longer before pulling your equity.

Thanks @David Morgan!

I appears that B2R finances on amounts greater than what I need, but I will still ask!

Thanks for your suggestion!

On a side note: I found that "Delayed Financing" is an option too, but I can only get as much as I paid for it and not the new appraised value. 

Thanks for the reply @Ned Carey! 

Maybe you are right and it is the lenders I talked to. They all stated they can't lend unless I have owned it for 6 months. I will have to keep asking other banks. 

The other option I hadn't considered was the hard money lender. I haven't looked into one and maybe it is the answer I am looking for (at least in the short term).

I will keep you updated.

Thanks!

BP folks,

I am looking for some guidance on a current issue. I have an investment property that I need to pull equity out of. I asked for some financing to purchase and rehab it and now it is coming due. 

I wanted to get suggestions on how to pull equity from the property. I own the property outright, but I only had it for 3 months. I know that I can't get a mortgage on it or a line of credit until I had for 6 months minimum (Texas). I know I could flip it, but I rather keep it as a rental.

Any suggestions on how to pull equity out of it?

I would appreciate any help or guidance!

Hey there Scott,

It is a remodeled single family home in a C class neighborhood. The house is 2 bed/1 bath and around 900 sq. ft. 

Thanks,

Jaime

Folks,

I am currently searching for a Property Management Company in Amarillo, TX. Anybody have good recommendations?

I would rather have a local company that understands the market.

I appreciate any help received!

Regards,

Jaime A.

We appreciate all of the input. We are at the point of just pulling the trigger on our first property. Once we settle in, we'll start investigating the plan for the next one.

Thanks @Aaron Montague for taking time to find the property. I took a further look and the area isn't ideal for us to live in. Also, we didn't qualify for the 0% loan programs (this time lol). We are now finalizing if we are going to use the FHA or conventional loan.

I'll keep everyone updated once I have some news.

Thanks again for all the help.

Thanks for the feedback @Eric Thomson

We haven't figured out how to finance the second one just yet, but we are going to start researching the topic asap.

I'll keep you posted.

Regards,

Jaime

It is an exciting time for my wife and I because we are ready to start looking for our first property! Currently, we are living in an apartment and would like to find our personal residence before June.

Plan:

- What we want: Distressed home we can live in and fix at the same time

- Areas considering: Katy, Pearland, Sugarland, possibly West Houston

- Estimated Home Value: $180,000 (max)

- Financing: FHA loan for a low monthly payment

- Goal: Fix the property, refinance, rent it out and repeat!

Needs:

- Recommended real estate agent or how to find the appropriate one

- Any comments or suggestions to our plan?

Any help is greatly appreciated!