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18 January 2025 | 1 reply
The bank will make you leave 25% equity in the property - but you also still want the property to at least cash flow some - so be careful how much equity you pull out / new debt you take on.I would do a cost benefit analysis of what your actual gain is in cash-flow on buying a new property with a (currently) higher interest rate (if financing), versus just holding on to the current appreciated property and enjoying that cash flow.All the best!
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14 January 2025 | 15 replies
All interest rates and payment plans are custom made to work for both parties therefor creating a win win scenario.As far as partnering with the banks goes.
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21 January 2025 | 4 replies
At this point, I would recommend having a line of credit to cover these things so you don't have money sitting in the bank doing nothing when it could be put to work.I have 33 units, no debt except for mortgages, and excellent income.
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19 January 2025 | 3 replies
There is no seasoning requirement involved since the property isn't a short sale and it isn't someone buying REO from a bank with a seasoning requirement.
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14 January 2025 | 1 reply
I mean myself and any bank would need more details, but if you utilize that large sum as a downpayment and have a small mortgage, wouldn't you easily qualify for the debt to income?
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14 January 2025 | 3 replies
Bank Credit Line How did you add value to the deal?
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17 January 2025 | 7 replies
Alternatively, if the bank ( assuming there is a bank) is fine with it, you could negotiate a credit and escrow the funds to be released after you do it yourself.
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22 January 2025 | 8 replies
For bookkeeping purposes, I recommend designating a separate bank account exclusive to the house hack activities to keep some sanity.
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27 January 2025 | 14 replies
As the cash flow is obviously much worse than you can earn in the bank with a basic CD.
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13 January 2025 | 12 replies
However those with no to very limited experience will never get a fix and flip loan from a bank. 4.