All Forum Posts by: Austin Eilers
Austin Eilers has started 3 posts and replied 7 times.
Post: Cash out refinancing out of a seller finance note
- Posts 7
- Votes 0
Thank you for this. I will be definitely looking at going this route!
Post: Cash out refinancing out of a seller finance note
- Posts 7
- Votes 0
Thank you for the response! If I make it a rental will the seasoning period be the same? And I won't have any rental income on it as I'm still fixing it up but my DTI will still be under 40%.Do they have to see rental income in order to do cash out refi on a investment?
Post: Cash out refinancing out of a seller finance note
- Posts 7
- Votes 0
Hello BP fam! I'm curious if anyone can provide any input on my first deal here! I bought this deal by owner financing 5k down with a balloon of 50k after a year. He owned the home free and clear and I am now the deed holder with how we structured it. The ARV based on comparable sales is around 200k i hope to pull out 100k. Will banks have any issues doing a cash out refi on deal like this assuming i meet all the other qualifications such as credit score and DTI. We plan on making this our primary residence.
Quote from @Nick C.:
Without knowing the specifics of the relationship you have with the decision makers of this company, take this advice with a grain of salt. But lots of people will be offended, jealous, etc of you pocketing $80k at their expense. If you can pull it off with some kind of anonymity that might go smoother for you.
To be little more specific I work with a Native American tribe and am also a tribal member. Right now our location is in a high risk location for crime and homelessness.
The company I work for is looking for a new office space to buy, and is open to suggestions. They have over a 1.5 million dollar budget for a different building I have recently came across an off market deal that would be perfect for what we need for 315,000. My plan is to wholesale it to them for 400,000 that way they would still have money to remodel and do whatever they want and still be under their budget. My question is should I be up front with them about what I’m doing and how I’ll be pocketing close to 80,000 if all goes as planned, or will they feel some type of way about that it seems like a gray area like I’m taking advantage of them but they are still getting a great under their budget deal.
Post: Turning a church into a 8unit apartment
- Posts 7
- Votes 0
I should have mentioned I plan on living in one of the units would that make a difference?
Post: Turning a church into a 8unit apartment
- Posts 7
- Votes 0
Hello I'm new to investing and have come across this beautiful vacant church with 11,000sq ft that would be perfect for turning into apartments with 100,000 dollars or more of rehab bringing the deal to about 350,000 after purchasing it and getting it rentable. My question is can I use an 3% FHA loan to finance this deal or am I missing something?