I've been reading and watching as much as possible but haven't purchased any books specifically on real estate investing.
I currently own 1 rent house but that wasn't planned it was just my first house that I didn't want to sell so I rented it out.
I'm currently Renovating the small things on my rent house to brrrr it but with supplies being limited I may not be able to finish it by the end of the month like I had planned.
My question is should I do a cash out refi even if it's not finished by the end of the month or prolong it a little more and push off the refi?
I've been driving around my city finding abandoned properties and have located the owner of a few of them but I haven't made contact to see if they are interested in selling. When doing this method how do you go about transferring the deed to your name?
What's left on the rehab? If it's a few minor things then I'd prolong(under a month delay) if it will take a few more months or longer then do refi now. You can fix it up with the funds you pulled and use the remaining cash for another deal. On your 2nd questions not understanding it, are you referring to once you close?
@Tanner Cole - get owner financing and make it “subject to”. Owner financing is usually more flexible and you can offer terms you can afford, pay off the owner’s loan plus pay them a decent spread and that you will take care of any repairs for the first two or so years. You can limit your down payment for what you can afford and they can spread out their income. It might matter which state it is in. There’s no closing costs plus commissions either.
@Caleb Brown I assume that I would go throu a title company to transfer it to my name. I wasn't sure exactly how to get that process started if it was on the owner or me.
Yeah title can do that. They just need all the paperwork if you were offering and buying a place
I use Jim Moore's office for all my title work, closings, contracts, everything. I even use Jim when I buy or sale in Altus.
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