Posted by Carl CA on October 03, 2004 at 13:49:27:
John,
I haven’t had a J.O.B. in over three years. That’s when I went to REI full time. I get stated income loans all the time, just closed on another two weeks ago. I have similar credit to yours, the bank just asked to verify my assets and it was done. You will pay a slightly higher rate than full doc, but it can work.
Don’t see why you can’t do the same thing.
Carl
Buy It Fix It Keep It - Posted by Skip Tsukuba
Posted by Skip Tsukuba on October 02, 2004 at 20:17:44:
I’ve been thinking about getting into rehabs, but I prefer to hold for cashflow instead of selling for profit. If I borrow from a hard money lender, can I take out a mortgage after the property is repaired to repay the loan?
Example: I buy a boarded up house for $20k and rehab with another $20k. ARV is $70k. I borrow $40k from a hard money lender. When the rehab is finished, can I take out a $40k mortgage with a bank to repay him or her?
I couldn’t bare to sell this property. It should cashflow nicely because my mortgage payment would be low. I’m greedy; I want to keep everything.
All ideas and opinions welcome.
Buy It Fix It Keep It - Posted by ken in sc
Posted by ken in sc on October 04, 2004 at 07:13:20:
That’s how I did it. I used a commercial lender instead of hard money, but then refinanced like your plan. Call some small local banks and ask about this type of borrowing. You might be surprised.
Also, learn 1031 exchanging. It can help in accelerating your growth. For example, my first buy was a triplex for 68K, I spent 12K fixing it, got an appraisal for 100K, the refinanced all my money back out. Three year later, I sold for 135K. I then had roughly 60K and exchanged it into 2 houses, 30K down each, paying no taxes. Each of the 2 new houses I bought for about 20K below market. So, I wound up with 2 houses with 50K equity each, with no money invested. Then, 2 years later I did the same thing and wound up with 4 houses with 60K equity each.
One good initial buy, some exchanging, and in 5 years I had close to 250K equity and 4 nice rentals - just from the one. I did this with other properties as well, and achieved my goal of number of rentals faster than just buying and rehabbing.
Ken
Re: Buy It Fix It Keep It - Posted by Arthur
Posted by Arthur on October 03, 2004 at 01:03:55:
Yes you can. In fact, some pros will tell you thats the best thing to do, as you can take out some of the equity, then someone else can pay off the mortgage (rent), and then several years later you can go in and take out more equity that you have built up/paid off.
Re: Buy It Fix It Keep It - Posted by David Krulac
Posted by David Krulac on October 02, 2004 at 22:12:53:
yes you can refi and probably get 80% of ARV or $56,000 SWEET
Re: Buy It Fix It Keep It - Posted by John-Fl
Posted by John-Fl on October 03, 2004 at 10:14:09:
Is it more difficult to get these 80% mortgages if you don’t have verifiable income? I have 2 rehabs that will be complete within the next few days and I have thought about getting an 80% refi loan as you mention to pull out equity and then renting to own the property. I pulled my credit 2 weeks ago and have a 753 but have no income to show as I am a “real estate investor” with no J.O.B.
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