All Forum Posts by: Ben Pohle

Does anyone know of any lenders that are licensed in AZ that will do a Jumbo loan cash out refi up to 80% LTV?

I am only finding a max of 70% LTV...

Thanks for any insight!

@David Seematter , thank you! This helps for sure. 

Just to be specific: If I’m handling the initial mortgage, then only getting private money for the rehab cost, would I still give first position? 

Ballpark numbers: Conventional = 5%

Private = 10%

Hard Money = 15%

Is this generally accurate?

Are you getting a signed contract for your deal/involving an attorney or just using some “legal-zoom” type resource to draft the terms?

I'm trying to understand how to structure my first deal to pay for a rehab (1st attempt at BRRR) after I secure a property.

I’m planning on using private money to fund the rehab and then pay the lender back with the proceeds after I cash out refi. 

1- what ballpark interest should I expect to pay for the rehab fund?

2- how is the private lender protected if the deal goes south? 

3- does it make sense to set up the contract as 12 months to repay where the lender will just get the cash flow from the property up to the 12th month, then get some sort of bonus interest if it takes longer? Ex: 5% extra interest per 6 months overdue

4- and if it really goes south, the lender would have a 1st lien and personal recourse?

Any insight would be awesome! Thank you BP!

Never thanked you for your thorough response! Better late than never... thanks again, @Chris Mason ! Completely understand now

Not sure how I didn’t notice it before...

Does anyone know of any banks/credit unions in the Phoenix, AZ area that waive/pay for PMI when equity is less than 20%?

Thanks Wayne Brooks

if I were to purchase a property as a primary residence, reside in it for 2 years, then rent it out for 2 additional years and sell it at the end... 

Will I still be exempt from capital gains up to $250k single/$500k joint filer, or does that get "wiped out" after it became a "business?"

Assuming no other exclusions from capital gains within that time frame.

@Tripp Howell that sounds great. How do you do your research in areas to find developments like that? Do you actually attend town hall meetings or just surf their site?

Thank you Jonna Weber and James Wise ! I hope to see you around in the forums. Tripp Howell , I will most likely live in the property before renting and I feel like I know the Phoenix area better than Denver... Which part of Denver do you have properties in?

Hello BP, I recently joined a couple months ago and am excited to connect and learn with all of you. My plan is to start out with a SFH (or house hack a multi) in the next year using an owner occupied FHA loan (before renting it out). I currently live in Denver, CO and work here as a stock broker but plan on investing in and moving back to Phoenix, AZ in the coming months. I am a beginner to the REI world but cannot wait to get started. I look forward to hearing from anyone in the Denver or Phoenix areas.