All Forum Posts by: Austin Lowe

 I see. I've had title for 7 months. 

 Ok awesome! Thanks for the response. For now things are alright, but it's great to know it's an option should something come up. Hopefully I don't need to but I will contact you if it becomes a necessity. Thanks Drago

There are no penalties for early prepayment for loan 1 or 2. I am not necessarily interested in refinancing with the companies currently holding the loans. The lender for the FHA loan is a large multi state lender and the HELOC is a local credit union.

I should have been more clear about that. Would another lender be able to pay off those 2 loans and take the place of them is more or less my question.

I purchased a property subject to two loans. The first one is a FHA mortgage, the second is a HELOC. I have grown a little uneasy with how things are going with the person with whom I am paying the loans for, and I am considering looking for alternatives. For my situation I will not qualify for any conventional financing. The following numbers have been rounded to make math a little easier hopefully:

Loan 1 (FHA) balance: $210,000

Loan 2 (HELOC) balance: $50,000

Property is conservatively worth $360,000

Rent would conservatively bring $2100/month

My question:

Would it be possible to get a DSCR refinance loan to pay off the two existing loans? It is my current primary residence, but I understand that would likely have to change as I cannot rent to myself to my knowledge, although if this is not the case I would like to know. Would I need to season the rent first or would it be possible to just use market data? I'm fine getting creative with things and it's certainly a property I want to have long term. If I can provide more non personal details to help with any answers just ask away. Thanks!

I think I'm going to call American Express and ask them what they think. They've obviously done this before so it'll just be whether or not I can get in touch with someone who knows vs a random customer service person. 

That does seem like the most straight forward option. I know someone who paid their taxes with it and had an issue with something about it. But I think you're right that plastiq would work. I do wonder if it could be worked out directly with closing attorney though. I'd imagine they would need to hear directly from chase or amex or whatever cc is being used and have them say "yeah they're good for the purchase." Just feel like there could be an easier way than a third party but you're right it does look like it would work.

Edward, did you ever figure this out? I'm running into the same dead ends. I've recently closed on two separate properties that were both well within my limit on my cc.  Why could I not just put it on my card?? Like you said a few times throughout the thread bigger purchases have gone through. I guess it comes down to a closing attorney accepting cc as payment? I saw on linked-in someone saying they witnessed a deal go down where the investor just charged his platinum card. I wonder if you got in touch with Amex and verified everything beforehand and had them reach out to closing attorney if that would matter. I might call Amex and ask.  I see articles and posts saying people with the "black card" from amex buy mansions and jets and other things with them. So obviously it can happen but every time I ask how I get people responding with the same type of cash advance type suggestions or "bad idea" and stuff like you received in this thread lol.  Any breakthrough after 8 years?