All Forum Posts by: Wells Lange

Is the 6 months until you can cash out refinance only if you bought the property with a mortgage? What if I bought a house all cash and used private money to fund the rehab? Could I simply go get a 75% LTV mortgage after I get a tenant in there?

Wow, that just happened. Power of bigger pockets

fantastic area. I grew right down the street from broad ripple near 62nd and Keystone. Went to North Central high school

@Matt Speer

I grew up in Indy-- where at?

@Amanda Arredondo

Loan assumptions are not very prevalent right now because interest rates are low and borrowing money is cheap. If interest rates were like 10% ten years from now, assuming a mortgage with a 3.5% rate is very attractive. Assuming a mortgage isn't really seller financing because there is still a third party lender and they'll need to approve the new borrower; you essentially take over the payments and pay the owner a negotiated downpayent based on the equity (which is determined by the agreed upon sales price). Most veterans won't want their VA loans assumed by non veterans because their entitlement will still be tied up in the property.

Find a local buy and hold investor that would be willing to part with one of his lesser performing duplexes, ask him to owner finance it at a price that works for him. Ba da Bing ba da boop

*are assumable

VA loans are assurance but not attractive to the veteran who is selling. If a veterans loan is assumed by a non-veteran then the veterans entitlement is still tied up in the property. They will probably not want it assumes so that they can get their full entitlement back to buy their next home.

Nice. Are those new kitchen cabinets or did you just paint them?

If you're comparing 100 bandit signs to 300 postcards, bandit signs win every time at those numbers. 98% of People will trash the postcards but the bandit signs will be seen by thousands for weeks. 100 might actually be overkill. But you'll definitely get more calls with the signs