All Forum Posts by: Andre Taylor

@Jasraj Singh go to your lender and tell them you want to do a Cash out Refinance and its better to go through a local bank

Exactly!! For instance a bought a 4 Plex... for $80K. I knew the ARV was anywhere between $220k-$230K. I put $90k into it and got appraised for $230k so I was able to pull my money back out to pay the rehab loan off and now I have an updated property that I can get premium rent for plus I still have equity into it if I ever choose to sell it.

@Cameron Price that is awesome brother!! You are on the right track.. Yeah I love BOA for that!!! Let me know how your deal goes... @Ramon Flores I got two mortgages and a CC with Wells Fargo.... I need to look into that line of credit.... was this a persona loan or business line of credit?

My question do their original lease allow them to have pets? If not they are already in violation of the lease.. now if you are going to allow pets then you can amend their lease and inform them of the cost with having a pet that they must comply with or they have to leave or get rid of the pet. I dont think that is bad idea to spread the deposit out that is fair given the situation right now but dont be afraid to ask for the money. Though we have the rona; a lot of people will be getting the stimulus check and if they are laid off they are getting $600 extra a week in unemployment so that is very hard for a lot of tenants to say they dont have money to pay rent... not like they can go spend it else where with places close and the stay in shelter order. Not to mention most people are about to make more in unemployment than their regular 9 to 5 pay

I mean like if you GC the project yourself.. hire the contractors and oversee the renovation or even hire a GC. I mean if you find the right deal where your purchase and Reno cost gives you a lot of meat on the bone that is a win. As lot of the other investors said buying turnkey you are buying premium and there won't be that much equity in them.

You can try peer to peer lending such as SoFi... I used them before for a personal loan for $65k. If you can merge some of your credit card lines together and cash withdraw if your bank offers a 0% interest for 12 months or more. I dont that where I merge 3 of my Bank of America credit card lines together and had one card with a $75k limit and I was able to pull $30k cash with an 16 month 0 interest and I used that to do a BRRRR deal.

You can dispute the appraisal report. I had to do that for one of my investment properties. Have your agent help you find some comps to support your value and provide that to your lender. There is always to make a deal work for you.

Congratulations... turning a profit on your first property is a huge win!!!! Keep going!!

You are better off buying something and doing the renovation work yourself. If you are experienced and have a team in place you can come in get a deal for really cheap , renovate it and have some nice equity in there. Plus the biggest thing is that you done the work and you know the quality that went into it. Now all turnkeys are what they seem; plus you buy those at premium pricing.

@Account Closed thank you!! It's my saying and I wear it to my closings!! :)