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All Forum Posts by: Chris Purcell

Chris Purcell has started 23 posts and replied 721 times.

Post: Educate your Real Estate agent

Chris PurcellPosted
  • Investor
  • Philadelphia, PA
  • Posts 739
  • Votes 372

@Diana Pritchard $170k rehab?  Did I read that right?

Post: Using 401K/IRA to Purchase Property

Chris PurcellPosted
  • Investor
  • Philadelphia, PA
  • Posts 739
  • Votes 372

@Armen Zakarian for the love of god just remember to pay back that loan if you change jobs or expect a huge tax bill

Post: Brainstorming Next Move After House Hacking

Chris PurcellPosted
  • Investor
  • Philadelphia, PA
  • Posts 739
  • Votes 372

@Art Maydan A gut rehab you put only $10k into?  Did I read that right 

Post: Dodd Frank Where do we stand with the Dodd frank act

Chris PurcellPosted
  • Investor
  • Philadelphia, PA
  • Posts 739
  • Votes 372

@Michael Paradine What is your concern?  Why didn't you just google this?

Post: Do Deals exist anymore? What methods do you guys use out there?

Chris PurcellPosted
  • Investor
  • Philadelphia, PA
  • Posts 739
  • Votes 372

@Rod Desinord you're not looking hard enough. 

Post: Exit strategies for house hacking on an FHA loan?

Chris PurcellPosted
  • Investor
  • Philadelphia, PA
  • Posts 739
  • Votes 372

@Chris Nunes get a 5% conventional as your primary and then do it again in 2 years

Post: WWYD if you ran out of $$$ during the flip!

Chris PurcellPosted
  • Investor
  • Philadelphia, PA
  • Posts 739
  • Votes 372

I agree it sounds much more than $4k.  Also how is paying a contractor with a credit card an option?

Post: How accurate are "Zestimates" on Zillow?

Chris PurcellPosted
  • Investor
  • Philadelphia, PA
  • Posts 739
  • Votes 372

It's 2017.  Zestimates are a joke

Post: HOW TO GET OUT OF A BALLOON PAYMENT

Chris PurcellPosted
  • Investor
  • Philadelphia, PA
  • Posts 739
  • Votes 372

Please tell me you have talked to your lender before making this post

You think your bank honestly wants to take the house back while the note is performing

Post: How to grow rental portfolio

Chris PurcellPosted
  • Investor
  • Philadelphia, PA
  • Posts 739
  • Votes 372
Originally posted by @William S.:

Lets say I find a home that costs $80k that is already rehabbed. I use a hard money lender to buy it cash. Then go to the bank to get a refinance of 75% value of the $80k property which is $60k loan with a 30 year fixed mortgage. I would then get a fully rehabed property with a lower mortgage payment because its based off of $60k not $80k. However I would have to pay back the hard money lender interest off of the $80k purchase which would come from cash flow from my other properties. 

I know a lot of people do the BRRRR strategy but I have no time for that and it is too advanced for me at this stage.

I would love to see the numbers on this deal because they are probably atrocious