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All Forum Posts by: Ummad Farooq

Ummad Farooq has started 2 posts and replied 8 times.

Quote from @Justin Phillips:

Hey @Jake Vayda The Life Changer Loan is a first position HELOC that goes up to 90% LTV, with no seasoning required. Value is based off appraisal. That being the case, it's popular for people who found a gem of a deal, and quick Renos. It's an incredible tool.


 Do you work with a specific lender? I am in a similar situation and looking for exactly the tool you are referring to.

Thanks @Luciano A. this is very detailed and helpful. Speaking to an appraiser tomorrow!

Thanks @Nick C.and @Brian Nally, this is helpful.

Originally posted by @Buddy Holmes:

I had a similar story in 2018. Bought a wholesale home at $109k and ARV was about $150k. I did not try to take cash out until a about a year later. The $109 sale was still an issue. I am working a refi now about 4 years out and the jury is still out on the appraisal but I do not anticipate an issue now since FL appreciation has been through the roof.

Thanks for sharing this Buddy! 

Hi Everyone, I am analysing a deal with some equity in it ie. looking to buy a property much below asking price (Market value $220k, buying price $160k). I am taking a hard money loan with 20% percent down. I have a quick question, if someone can help. 

I intend to take out my initial investment of 20% by getting it refinanced at the actual market value after i have bought. Is it possible that an appraiser will appraise the property at market value ($220k), since it would have been bought a month ago (when i will buy the property at $160k) at much below asking. Do the appriasers look at previous appraisals? 

If someone has any other suggestions, Please let me know. Thanks 

So glad to see this Brandon. Keep it up. Really happy for you guys!

Thanks Brandon. Just checked the details, looking forward to see you there. 

Hi everyone,

I am a new investor based in Middletown CT. I know few people here on BP but this is my first post. I would love to meet and network with some new people currently investing in CT. Please feel free to add me to any regular zoom catchups or otherwise. Happy to grab a coffee or a zoom call with anyone interested. 

Thanks