All Forum Posts by: Brett Lee

@Scott D Burrows My biggest delimma is my debt to income ratio...

@Scott D Burrows Thanks Scott I am looking at heloc options as well as selling a house to free up funds for this off market home purchase.

I just purchased our family home for 366k and it is worth $425k-450k. I am interested in refinancing so i can pull money out to buy another house. Also, wanting to get out of pmi. Looking for thoughts from BP members as well as contacts for good refinance lenders for this scenario Any advice would be greatly appreciated!

I am buying a house for our family. The owner has an ADT security system in the house. He explained that the reason because of his drug addict son. Based on that we are definitely wanting to have some level of security. My wondering is if anyone has ever had luck hooking another security system up to their ADT system or if people have had good experiences with ADT? Definitely looking for decent security monitoring at an affordable price. Any insights for advice would be greatly appreciated

Originally posted by @Caleb Jordan:

Originally posted by @Brett Lee:

I am looking to purchase a house for 280k that will resell for 380k+ in this market after some updates.

I have 2 options to purchase.

1. Pull heloc out of another property to put 25% down(about 70k).

2. Option 2 is buy with hard money loan and rehab to flip or refi and rent out(it would rent for $2000+).

Which option would you do? Also, if i buy with hard money how soon would i be able to refinance if i want to hold the property and rent it out?

Any advice would be greatly appreciated!

Definitely get a refi game plan in place before you buy with HML. Even if that is not your plan A it is a useful backup option. Some lenders can refi in less then 6 months especially if you go commercial or long term HML loans for buy and hold. If you want to pull cash out vs a rate and term that may affect seasoning and ltv so make you are aware of how that may change things. Most HML want you to buy with LLC, so you'll need a refi lender willing to work with property where your LLC was on the title.

My plan is to buy rehab and selll... I am looking at refi and renting as worse case scenario if housing market tanks and i cannot resell.  

Sounds like if i buy with hard money it is tougher to refi.  That is good to know! Thanks!

Thanks Kath,

My biggest dilemma will be having enough cash to purchase and rehab this house.  We have a lot of equity so i am trying to tap into that...just dont want to be over leveraged if economy tanks.

To buy with conventional i need 70k down plus rehab costs of 20-30k.  Currently i have 40k available so u would need to pull heloc on our primary and a heloc on rental to have enough to flip.  

Trying to figure out if that risk is worth a 50k reward upon flipping OR if i should just walk from this deal?

I am looking to purchase a house for 280k that will resell for 380k+ in this market after some updates. I have 2 options to purchase. 1. Pull heloc out of another property to put 25% down(about 70k). 2. Option 2 is buy with hard money loan and rehab to flip or refi and rent out(it would rent for $2000+). Which option would you do? Also, if i buy with hard money how soon would i be able to refinance if i want to hold the property and rent it out? Any advice would be greatly appreciated!

Thanks for your advice Mike!

I am getting a house ready to put on the market this spring. The house has a detached garage in need of updating etc. Does anyone have a recommended online company to order doors that look nice for a good price. Currently the garage has old carriage style doors that swing open.

@Dave Foster Hi Dave can we chat more about the specifics in this?