All Forum Posts by: Vonetta Booker

I'm interested in using seller financing as an option when making deals with private sellers. However, how do you build repair costs into the monthly payments you make to the seller? (Or do you finance that separately via a HML, private lender or your own funds?)

@Derek T., I was researching seller financing for flips & came across your thread, as well. How does one pay their contractor for repairs through seller financing?  That's the thing I'm trying to wrap my head around, lol. :-)

Looking forward to it, @Jacqueline Carrington!

Wow, @Jim Spatzenfeld, sorry to hear that! Based on what I've encountered on the website, I'm a little hesitant to do anything w/ them, also (especially after reading your review!)

They have a "Get a Quote" calculator on the site that I've utilized for a few potential deals, to see what they'd be able to do for a cash-out refi. Every time I enter in all the necessary numbers & click "Get Quote", I get a vague message saying, "We are unable to process your quote at this time." Um, okay.  So I call them to find out why, give them the numbers and the rep's like, "Oh, that's because in that area, there's a mininum of X amount we do for the purchase or refi."  I asked them why that couldn't just be stated in the rejection message (or even better, listed as criteria before you spend time entering numbers) and he was only able to apologize for theirs being a "new system" that they're still "trying to work the kinks out on." 

That being said, I think I'm going to pass on them--they don't seem to know upfront whether they can do a deal or not, which can definitely spell lots of wasted time & money! :-/

Hi guys & happy New Year! I just recently did a cash-out refi on my rental property at 75% ARV. Is it possible to take out a HELOC on the remaining 25% equity for a down payment on my next rental property? (The cash-out isn't quite enough to cover everything.)

Just wondering if anyone's done this, thanks! :-)

Thanks for the formula, @Joe Villeneuve--I'm going to use it to work out the numbers now. 

Quick question, though--what does "MP" stand for? :-)

I did a recent cashout on my property (in southwestern CT), and the appraisal cost $450, give or take. 

Great job on the property! Loving the paint color choice, subway tile in the kitch./baths, and the "rustic" cabinets. 

I'm looking at possibly purchasing a buy/hold that's priced at $35k. With about $20k, I'd be all-in at about $55k. However, the ARV for that neighborhood & type of 2/1 rowhouse is only $60k. With a typical investment property LTV of 75%, that would only give me a cashout of around $41k. (Average rents go for around $975).

My question to fellow investors is, do you even bother with properties with numbers like these if you're not going to get money back on the cashout/refi?  Are there other plusses you factor in? And would a workaround be to try to get the property for less & keep the repair costs lower, if possible?

Looking from the HML's standpoint, it's simply bad business to loan at 100%. Because as many others on this thread stated, someone with no so-called "skin in the game" has a lot less incentive to do what they need to on their end, come through w/ the deal & NOT walk away.

Another thing is this--I wish someone WOULD come to me, asking to borrow money from me--and then get pissed off & all "WTF" at my terms, lol.  I'd be like, "Last time I checked--you approached ME. So if you don't like my terms, you're free to shop around for better ones elsewhere."  It is what it is. There are certain, standard terms that most HMLs are known for.  If you don't like it, simply find other funding.  But to get ticked off about it is kind of a moot point.  Just my $0.02.