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1 April 2024 | 15 replies
You can absolutely do this if you find the right lender.
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1 April 2024 | 6 replies
Why its so important because the appraisal better come back with at least 20-25% equity left over so you can pull the money you used to purchase it and do the repairs.That said, you can use cash, get ahold of a hard money lender ( most expensive option), or get seller financing.
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1 April 2024 | 2 replies
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
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1 April 2024 | 1 reply
Trust the process.Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
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1 April 2024 | 20 replies
.- We have started the pre-approval process with a lender and have a realtor we're working with to purchase the houseInvestment Strategy:- Aim to maximize cash flow while seeking appreciation.- Ideal cash flow target is $2K+ per month.- Planning to allocate the remaining $250K towards purchasing two properties in the Midwest market (e.g., Cleveland, Columbus, Indianapolis, Kansas City and open to exploring new areas where the entry point is affordable but the cash flow is stable).- Seeking properties that can generate $2K+ a month in combined rent after factoring in property management, insurance, and property tax expenses.Seeking Advice:- Would purchasing two houses in the Midwest to achieve $2K+ cash flow per month be a sound strategy, or do you recommend alternative approaches?
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1 April 2024 | 3 replies
@Gavin JexSo you want a bank loan and then seller finance as wellA bank would not be in second position so they as the owner / lender would be in second.Also 0% they would still be responsible for taxes on that at AFR so if your payment is $300/mo the loan would go off federal rates so they would essentially have to claim around $5k in interest income which would be ordinary income so they may end up paying all of your payment in taxes… just fyi if they did speak with someone on thisSounds like a steal if deal for you
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1 April 2024 | 1 reply
Or do the lenders require that I establish primary residence first, before getting an fha or a fannie mae loan for a primary?
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1 April 2024 | 7 replies
Rates tend to be higher than cash out rates (due to the lender being in second position).Cash Out Refinance: Replaces existing mortgage and gives you cash at closing.
30 March 2024 | 0 replies
The interest is accumulated when borrowing money from the lender.
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2 April 2024 | 26 replies
I'm in the Mortgage Industry reviewing appraisals from different market areas around the country.