All Forum Posts by: Bryan Aylward

I am considering purchasing a home through my city's Tax Deed Auction next month but am not sure on the process if I win an auction. So with the home sale, all mortgage liens...etc. are forgiven, correct? Only things that potentially remain are other government liens, utility liens, and contractor liens, correct? 

What are some of the biggest risks with purchasing a property this way outside of the "As-Is" requirement since I can't inspect fully? Thoughts here? Are there any special considerations that should be made if the home would be in California versus other states? 

Thanks in advance for any additional insight here!

Dang it! I would have loved to meet up. Hopefully next time, let me know when you are coming back to Cincinnati Brandon! 

I would agree with the others here and say no. You need to create a budget to get this additional income so it isnt debt. Perhaps ramp up the Realtor side to increase sales and then leverage the surplus cash to start your marketing? Maybe lower your housing expenses in some fashion. Do you have parents or siblings or friends who would support you through allowing you to live in a spare room, couch surf, whatever it takes to get you to your goal. Focus on minimizing expenses, save everything, and you will have the funds in just a couple months, pretty easily. Hope this helps man and good luck. 

Stay away from debt, especially Credit Card Debt, if at all possible. 

So, after calling around I was able to find a 3/1 ARM at 2.5% which keeps payments about $40 from the I/O payment at the higher rate. Pretty stoked about that so we are moving forward with everything. Thanks for your help!

Hello all, 

My wife and I are about to purchase an investment property and intend to complete significant rehab over the next 12 months and refinance to get our money invested out, leave the equity, and purchase another house. I am considering an interest only HELOC as the primary loan for the home (69K purchase Price) which will allow me up to 90% LTV as Owner Occ for year 1. The issue is it is fully adjustable from Day 1 and 0.50% below the market. So currently that would be 3.5%. I like the cost as long as rates remain below 5.5-6% but am concerned with the current foreign relations. What is the impact on interest rates and lending if we were to go to war or anything like that? Thoughts? Thanks for any insight here.

Bryan

Jason, I would like the loan origination costs to be relatively low (1-2%) if possible. 

Sean, I will likely move into the home 6 months after purchase through the end of year 1 and look to refinance and purchase another home at that time. 

Oh, and the property is located in Cincinnati, OH

Hello, I need a reference for a hard money lender to lend on a 145K ARV property I am offering 90K on. I have 20% to put down and would only need the loan for about a year. I would like to keep the initial cost down, perhaps around 1% of loan value. I would need about 70K for the loan. There is mold in the property which the bank will not rectify prior to close but it isn't that excessive and something I can handle removal of with a professional cleaning up for a reasonable cost immediately after closing. I would like to be able to put in an offer to close in 15 days to increase the likelihood I can get the home as it is 1 block from my brother making it ideal for my family and rental in a couple years. Any recommendations are appreciated. Thanks!