All Forum Posts by: Craig L.

Great, thanks for the info. Title insurance is being provided, so if that covers boundary issues then I will feel better about having no survey. I am unsure whether it will be required when I refinance, but I'll cross that bridge then.

I'm closing on a bank-owned 2-family next week. Paying cash and refinancing after some repairs and renting it. Since I'm not getting a mortgage right away, there's no lender to require a survey be done before closing. Would getting a survey done be prudent? There are no obvious issues with property lines, easements, etc. Have others who have done cash deals splurged for the survey?

Wow. Does this include rate and term refis, based only on what I purchased the property for?

What is the state of the no-seasoning refi market? Has it taken a hit from the recent turbulence in the secondary markets?

I really don't want to tie up $50k for 6 months to a year waiting for a seasoning requirement.

I'm using cash to purchase a vacant duplex at around 65-70% of market value. I plan on fixing a few things, renting it, and refinancing it with a mortgage to free up the cash again.

For refis, does each lender have a specific appraiser they will want to use? Or can I have the property appraised myself and then shop around for the best refi rates using that appraisal to determine the LTV (I may do an 80% LTV and cash-out the rest)?

Thanks in advance for any advice.

Agreed, the deal is in the buy. And this is a decent deal. But that doesn't mean I shouldn't try and find the best financing for it.

I know I can do a rehab loan and cash-out refi immediately, but I was searching for a cheaper solution in terms of preserving equity or maximizing cash out. It looks like there just isn't one. I'll have to deal with double the fees associated with getting a mortgage.

Great post. Tons of good tips in there. I am writing up an offer right now and will re-write my agent's offer and avoid the fax-of-a-fax messiness. Also had the standard acceptance within 2 days which I will switch to 7.

I'm wondering if there are any lenders that will finance a purchase (not a refi) at an LTV of 80% or lower which is based on the market value of a property.

I am trying to get into a bank-owned duplex. It needs very little repairs at all, so I don't want to use expensive hard money. I am purchasing it for about 65% of its current market value. Are there any lenders that will base the LTV off of the current market value? I can live with putting some money down, but the rates for 90-95% financing of the purchase price that I've been quoted are a bit high for my liking.

Thanks for any help or advice!

Agreed, property taxes are a bit higher than in most other areas of the country. However, properties still cashflow very well here in Rochester, despite the high taxes.

As far as the previous posts discussing the Rochester market... yes, Rochester has been in decline for many years due to the downsizing of its major employers Kodak and Xerox. However, as with any city there are some areas in decline and some that are experiencing steady growth. There are still opportunities for good cashflow in the areas of growth. You also get better tenants and rent appreciation in those areas.

Congrats, Minna. I'm sure the other details are buried in posts elsewhere, but I am wondering how you funded the purchase, rehab, etc. and at what points/rate if it was HML. How was it working with the lender, if it was financed?

Thanks!