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25 June 2024 | 0 replies
Purchase price: $250,000 Cash invested: $62,500 Buy and hold investment.
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26 June 2024 | 4 replies
You can also try and incorporate a seller concession of up to 3% (with 3.5% down) which can help cover closing costs and reduce the cash needed to close.
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25 June 2024 | 1 reply
Here are a few ideas:- HELOC: depending on how much equity you have in your property, you may be able to apply for and borrow against that equity- DSCR: BP now has a find a lender link and I'm happy to recommend mine as well if you'd like; there are lenders who do loans based on the future rental value of the property- Borrow from your 401k: typically you're able to borrow up to $50k and if you have multiple 401ks, borrow from multiplesHopefully this gives you some ideas of other options to bring in some cash for your investment!
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25 June 2024 | 10 replies
Once the property is rehabbed, you can refinance into a DSCR loan with no seasoning requirements.I'll let some of the traditional mortgage brokers chime in, but traditional financing might require a 12-month waiting period to pull your cash back out.
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24 June 2024 | 58 replies
Are you referencing cash on cash return?
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26 June 2024 | 5 replies
I have about $300 on my credit cards (just finally paid them off for the most part, and have about $20,000 limit).My cash on hand is relatively light, but what my plan was was to find some single family homes in the north Detroit area (currently anywhere from $40-$60k and put about $15-20k tops into any repairs or fixes (not looking for total rehabs, mostly something I can do some small repairs here and there and paint, personally I am knowledgeable about renovating up until complex electric and plumbing).
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24 June 2024 | 21 replies
I paid 160K cash for that one, spent about 30k again and have it rented for $1,895/mo.
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24 June 2024 | 17 replies
Are you looking for cash flow, safe neighborhood or bringing a property out of the abyss to perfection?
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24 June 2024 | 1 reply
Purchase price: $12,500 Cash invested: $130,000 Sale price: $204,900 Purchased home and completed a complete renovation of the property.
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25 June 2024 | 2 replies
I will add we took out a loan to buy the home for 20k along with extra cash to put into our home to make a "home office" out of the attached garage we never used except for storage so we added even more value to our 156k purchase.