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1 February 2022 | 9 replies
My advice would be to make sure you have a lender that can actually do the 203k loan, let alone have at least 5 contractors lined up to complete the work because the odds are the first 4 will quit when they realize the 203k hoops.May be easier to buy an owner occupant 2-4 unit with 3-5% down, add value, then refinance.
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2 February 2022 | 3 replies
Here is my take on each of them:1) HELOC: a reusable amount of credit with a variable rate.2) Home Equity Loan: a 2nd mortgage on my home, only for the equity, with a fixed interest rate3) Cash out Refinance: replacing the current mortgage on my home with a new mortgage for 75% - 80% of the current value, and receiving the extra equity in cash.My specific question is, which is these is the preferred method when using the capital gained to begin investing with the BRRRR strategy?
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1 February 2022 | 1 reply
Giving it back to them at the refinance or sale of the property + interest
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3 February 2022 | 13 replies
I consider the Due on Sale clause a low risk / easily mitigated --- just refinance.
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2 February 2022 | 3 replies
Hi, I'd like to buy a property in the 110k range (my own cash), refinance out the cash and sell it in a land trust on owner financing, deed held in escrow until fully paid off.The niggle I see is that I think most lenders have a seasoning requirement on the property purchase before you can refi the cash.
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1 February 2022 | 3 replies
Paying cash may allow you to refinance quicker (immediately after rehab).
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31 January 2022 | 1 reply
And if that's an option is there any stipulations with my FHA loan, or if I were to refinance down the road?
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1 February 2022 | 8 replies
Hoping to get most of my money out but will be fine leaving some in the deal.The question that I have for some of your experienced brrrr investors is what will add the most value when you go get the property appraised for refinance?
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31 January 2022 | 1 reply
Also, there is no taxes on those cash out refinances since it is seen as you taking out a loan.I do not have any experience with those lenders.
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3 February 2022 | 5 replies
With the BRRRR method your capital is tied up until you complete the renovations and refinance.