All Forum Posts by: Thomas Corley

Hey BP,

I am looking to Cash out Refi to help grow my portfolio quicker! I have never pulled cash out of any of my properties any tips and tricks are welcome? Is there any cash refi loan programs out there that my be looked over?

Thank you,

Everyone

@Mike Annunziata

My RE team has used Javier Zuluaga he has done a good job! Hopefully this helps

His info https://bniarizona.com/az-east-bni-absolute-business-builders/en-US/memberdetails?encryptedMemberId=M8QPpBW254H12ls8uhH66g%3D%3D&cmsv3=true&name=Javier+Zuluaga

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $484,000
Cash invested: $100,000

This investment is defiantly an appreciation play! The cash flow is ok but if you are familiar with AZ then you know Gilbert is seeing tremendous growth in the last couple of years. I did do light Renos to get the max rent as possible! Let me know if anyone has any questions! Happy investing!!

How did you find this deal and how did you negotiate it?

This deal was on the MLS and was priced to high so I was actually able to get the home $10k lower than the appraisal.

How did you finance this deal?

Private Money

How did you add value to the deal?

Paint and new Floors! I have done a good amount of unit turns so I was able to fly through this one with no hic ups!

What was the outcome?

8% cash on cash and hopefully a good amount of appreciation in the future!

Lessons learned? Challenges?

I need to invest more and scale up!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I represented myself as the agent! As for lending I used Certain lending and was very happy with them!

@Babu Ramadoss

It will vary we’re you are in the country but in AZ the last couple jobs I paid $1.25 to $1.50 per square foot. It definitely depends on the job as well if ita condo or home that also included materials and labor. Hopefully this helps good luck!

@Omid Aghazadeh

Looks like a cash cow! Put an offer in!

@John Do

All you can do is summit your best offer(sounds like you are)! Cash is king and in most cases is the best option for seller’s to expect.

The one thing I can say that has worked for me and my client is having your realtor build a good relationship with the selling agent and being able to tell your story and maybe just maybe that will get them to go with your offer. One more thing is to have your lender call the listing agent and vouch for you and let the seller know you will close on the house and your very qualified.

You said your using VA loan so tell them your story in a letter.

Just a couple tips that have helped me personally and my clients good luck! Stick with it you will definitely eventually get a home!

@Kiosha Boyles

There’s a lot of things to take into account when starting. First I always have at least 6 months in reserve but it definitely depends on we’re your at on your investment journey I would say at least 3 months.

For the personal loan If you have a good W2 or job bring in good money that’s the only way I would consider it. There is no right answer it’s all about how much risk are you willing to take.

Big thing is take action! Good luck!

@Bac Nguyen

Cody is spot on!

@Michael Mai

I think you’re spot on definitely senses you have lived in Mesa us your knowledge of the area and invest there the cash flow and appreciation most likely will be better then San Diego.

@Eric C.

Alexz Jons with summit funding has done some deals and done a great job dm me for email and phone number if needed.