All Forum Posts by: Adam Dudziak

Cameron, any suggestion on banks to contact?  I’ve called most banks in my city. 

I need some help on a Cash-Out-Refinance.   Here are the details:

• -Purchased duplex on 2/14/2020
• -Paid in cash and do not have a mortgage
• -Rehab finished and ready to rent
• -ARV is $120,000 and I have about $80,000 in.
• -My plan is to refinance and hold
• -I live in Ohio

My issue is that EVERY bank I've talked to requires me to "season" the property for 6 months before I can refinance even though I do not have a mortgage.  I do not want to wait that long and I'm looking for alternatives to avoid the 6 month wait.   I believe the numbers should work but I've been told there is no way around the 6 months.   

Any ideas are welcome!  Thank you. 

@Frank Maratta no inspection ordered. I’m hoping this piece was just a fluke for this project. Seller was not very quick to respond.

@Donald Robers bought with cash. Used cash and credit to rehab. Refinanced to reduce interest rates once completed.

I am working on growing my real estate portfolio with the long-term goal of retiring early. I have flipped three houses, purchased a duplex, and now like the idea of flip and hold using BRRR. My problem is slow timeframes.

My current project is a single family home. It is almost complete but has taken six months. I’m looking for any recommendations and/or strategies to get the process to speed up so I can scale faster.

Here is how my current project paced:

1. Cash purchase. Planned for two week close but delays turned it into 8 week close.

2. 30 day contract for rehab completion with general contractor. We are not at 90 days. (Poorly written contract so I’ll adjust this next time)

3. Although it’s a cash purchase, bank is saying I still have to wait 6 month seasoning from date of purchase. I assumed I could bypass this since I paid in cash.

Many factors at play but I would like to be able to buy 3 or 4 houses (or more) a year. How can I speed this up?

I have been working in house rehabilitation for about 10 years. I’ve done all the work myself but my most recent project I brought in a general contractor to help scale my business. We established a contract that includes three draws, which I’ve already paid two. We established an estimated completion date (June 30th) which he has not been able to hit. I’m starting to worry that this job will not be done in a reasonable timeframe but he keeps giving me every reason in the book why the job is taking so long.

I’m considering terminating our contract and finding someone else to finish the job. We are almost a month over our estimated original 30 day deadline and seeing that this is a house with about 1000 square feet, I do not feel that is reasonable. I have not paid the third draw yet so I was going to use that for another contractor to finish the project. I wouldn’t even mind giving the balance (if any left) to pay the original general contractor because he’s started many projects but he just hasn’t finished.

Does this sound like the right direction? Is there anything else I should consider before removing my general contractor? We did not include any language about terminating the contract or what would happen if the estimated timeframe was not met. I’ll definitely consider that on my next project....

I’m Interested in attending a meetup.   Any plans for future meetings?  I can organize one if there is no plan.  I’m in northwest Ohio