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17 July 2024 | 20 replies
After a year living rent free I could have some money saved up again but still won’t be enough to buy a fixer upper outright and BRRRR (Without doing the math) and I wouldn’t be able to qualify for another FHA loan presumably.
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16 July 2024 | 1 reply
Assuming the property is equally owned 4 ways (25% each) you could have the property appraised for confirmation of value: $1.8M/4 = $450k/share x 3 = $1.35M could be obtained as a cash out refinance, potentially utilizing a healthy portion of the STR or projected STR income to qualify.
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16 July 2024 | 4 replies
This will help you find out if you qualify way before submitting the loan.
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16 July 2024 | 3 replies
Present it to them as a return on their money deal - “I’ll pay you 8% on your money while I’m borrowing it” or whatever, and pay them out of the cash flow on the deal until you can qualify for a refi into your name when you would pay them off.
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16 July 2024 | 3 replies
They provide unsecured funds within 3-7 Business days once qualified.
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15 July 2024 | 1 reply
Without fully rehabbing a unit it is less likely to draw qualified tenants.
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16 July 2024 | 3 replies
I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.7.
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16 July 2024 | 12 replies
Quote from @Michael Elkins: Looking for good options to get a pre approval done in Colulmbus, OhioHey Michael, Is there a specific program you are looking to get qualified for?
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17 July 2024 | 32 replies
I think you just have to follow any leads you can and bang on a lot of doors.In the meantime, though, here's another possible strategy:Do a conventional Homestyle rehab loan (you would qualify for less, but it wouldn't be THAT much less), and once it's all fixed up, re-fi into the VA loan.
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15 July 2024 | 2 replies
So even though I could qualify for new financing based on the anticipated rental income of this new house across the street, I don't have enough saved for the 25% downpayment anymore.