All Forum Posts by: Vinay Patel

Investment Info:

Single-family residence other investment.

Purchase price: $635,000
Cash invested: $190,000

This was a live-in flip deal. I bought a cheap fixer property, fixed it up (adding significant equity), and now living in it while the property appreciates.
Bought it for $635,000. After $60,000 renovation, It appraised for $745,000 (netting about $50K profit).
I refinanced and pulled some of the equity out and now ready to make my next deal!!! (in a remote market)

What made you interested in investing in this type of deal?

I knew nothing about RE investing when I did this "deal". I just wanted to buy a cheap house and fix it as that seemed the best way to become a homeowner in my expensive market.

After learning about BiggerPockets, I learned that the strategy I had used is called "live-in flip".

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

MLS
No Negotiation, I had to go 1% over the asking price because the market is very competitive here :(

How did you finance this deal?

Conventional 20% down purchase loan then Cash-out Refi to pull equity out

What was the outcome?

I was able to increase the equity in my home significantly and pull cash out to purchase my next deal!

Lessons learned? Challenges?

If you are a beginner and live in an expensive market and house hacking does not work for you for any reason (i.e. don't like having roommates etc.)
then live-in flip can be a great alternative in an expensive market.

I am very concerned and frustrated with the way my loan is progressing. It is very slow and my LO is very unresponsive. However, I am too far into the process to switch lenders now. LO was very responsive in the beginning but now I am not getting any updates and I am worried that I will not only lose the house but also my earnest money.

First of all, here are some details about my situation:

• First-time home buyer.
• Loan type: 7/1ARM with 3.00% rate Jumbo loan
• Credit Score: TransUnion - 790 | Equifax - 788 | Experian - 812
• DTI: 24%
• Average Credit age: 3 Yrs 4months
• 0 Derogatory Marks and 100% on-time payment history

I am was originally scheduled to close 2 days ago. But had to get an extension from the seller. I am given 2 weeks of extension.

I am extremely worried about the speed at which my application is progressing. I received conditional approval from the underwriter 18 days ago. It has been over a week that I submitted my conditional documents and it is still not fully approved.

The lender that my LO signed me up with not only has an underwriter review but also a Quality Control review and a final investor review (So, they can sell my mortgage in the secondary market immediately)

So, how likely am I to go through all of these levels of scrutiny in just 2 weeks if I don't even have the full underwriter approval yet.

I am so worried that it is starting to impact my health now. Please advice.