All Forum Posts by: Timothy Colman

@Melvin List We are not moving from the TH in Florida that was purchased with an FHA loan, rather I simply want to extract the equity from said home with the intent of using the funds towards a flip. I am attempting to identify the best way to do so.

@Michael Cohen Thank you for this information. If I go from an FHA to a VA loan, can I pull out the equity?

Hello all,

I am active duty and purchased a home in 2010 utilizing my VA loan for 112k. I then wanted to utilize the VA loan again for a townhome in Florida, but was denied because the purchase price of the townhome I was attempting to purchase was "too low." I was told I would have to spend a certain dollar amount in order to utilize another VA loan while the other was still active - strange, I know.

I ended up purchasing the townhome in Florida utilizing a FHA loan (09May17). The home appraised for 125k and I got it for 100k. I want to refinance the Florida property in order to pull the equity out to do a flip.

My question is:

Can I do a FHA 30 yr fixed to a VA IRRRL to pull the equity out?

How soon can I refinance? I've heard six months and I've also heard one year. 

Hello,

I am currently pursuing an degree in Real Estate and my current assignment requires me to interview a Property Manager.

If you are willing to donate about ten minutes of your time to an aspiring real estate agent, then please respond to this post, or link my post to someone who might be willing to help.

The questions will be broad and some opinionated.  Residential, commercial, mobile homes, it does not matter as long as you manage one of these in a professional capacity.

We can use Facebook messenger, or I can list the questions in an email for you to respond to at your leisure. 

Thank you so much!

Timothy Colman

Can you provide some insight on what a postcard/parcel may say?  Also, how do you know who to mail them to?

Hello Diedrick,

You stated he has been renting the aforementioned home for (10) years with a purchase price of 156k, and now has a principal balance of 120k with ten years remaining.

Albiet he has been breaking even, the above numbers show about 36k in equity gained (not to mention appreciation, which you stated is now 165k).

Therefore, he is looking at between 36k and 45k profit if he sold today.

If his lease terms are 12 months, then I would raise rents to the estimated amount of 1,350 to produce cash flow, as well as continue to build equity.  If the tenant can't afford it then they are out of there and it's time for new tenants.

I would personally not sell at this point due the amortization of the mortgage.  He has likely been paying a hefty percentage of his monthly payment to interest over the past ten years and is only now starting to see the scales tip in favor or the principal vice interest.

 I find it ridiculous that these companies would hike the rates up after a single claim.  Insurance companies are crooks! 

Thanks for the insight!

 Thanks Ryan

Hello,

I am currently thousands of miles away from my townhouse, but was advised by my property manager that my hot water heater has sprang a leak and caused water damage to my home and my neighbors home. 

As a result, I plan to make an insurance claim; however, I have never done this process before.  I am looking for any advice or insight for working with a property manager and insurance company in regard to this process. 

Thanks,

Tim

 Thank you for your input Don.  I believe I have read this before - is it known as due-on-sale clause?  The seller is not interested in this option because he does not want any connection to the property once the sale is complete.

I suppose an investment mortgage will be the best option.  Can I refinance the mortgage into a government backed loan once I return to the states and decide to live in the property?