All Forum Posts by: Thomas P.

@Owen Buchanan welcome to bigger pockets. I recently started looking in Belleville Nj. I am from New York City, interested in Buy and Hold. Thinking the silver lake train station area may have some good opportunities.  Would love your input.  Best of luck to you.  

Joe Villeneuve  

I totally agree that not knowing or using those words can be a recipe for disaster. The problem is these are plans I have for 3-5 years from now.  

What is guaranteed to come up is the personal loan will be coming due (April 2016).  So I must take this one step at a time.  Paying that off is the first step. And the question remains with the distant future plans I have, is it best to refi the total balance to pay back the current loan, or refi less and make up the difference with personal Funds.  

I really appreciate this discussion. 

My purchase price was 190,000. Home was appraised for $400,000.

The rehab will be around 250,000 (did not get real numbers yet, this is ballpark figure)

ARV $600,000.

My total cost would be around $440,000.

Most lenders will do 75% LTV.

Thanks for your input.

When it comes time to do renovations I will have to cash out more money and am concerned the LTV will be too high. @Joe Villeneuve

I purchased an old two family in a great neighborhood with large property for its location (NYC). My plan was to rent it out for 3 years and begin to rehab it and make it a single family home. I currently rent both units.

The money I used to purchase this was a hard money loan from a friend at applicable federal rate .28%. The home was purchased at a deep discount since it was a deal within the family. My original idea was to borrow the money from my friend and when I refi to pay him back take out less money and make up the difference with all the money I been saving plus income on the property.

For example if I owe him 250,000 refi 175,000 and make up the addition 75,000 from my personal savings.

The refi part should not be an issues since I purchase the home at about a 50% discount.

My main question is am I better off refi the whole 250,000 and keep my money for the costly rehab project (prob need additional funds via another refi) or refi 175,000 and pay him the difference out of pocket.

Any input would be greatly appreciated.  

I heard an old time investor talking about how he always uses the banks money to purchase a home. He said "I will pay 5% to risk the banks money instead of mine." If a deal goes bad he claims he can just walk away. Is there any truth to that. Is it really that easy to walk away.

thank you for putting this meetup together. Unfortunately I will be stuck at work. Next time.

I am looking to pull cash out of a home with 100% equity, fully paid off no mortgage. I am looking to pull out 50% LTV. Would like a 30 year fixed loan. How do i go about this.

Does a loan product for my scenario exist? I believe this is wishful thinking but I will let the bigger pockets community answer this. I own a property free and clear. I will be doing improvements in 1-3 years. Around 30% LTV. I do not see interest rates staying this low. Does anyone offer a line of credit type deal where I can lock in a rate today.

Def wishful thinking.

where do you guys see interest rates going in the next few years. 1-3 years from now.