All Forum Posts by: Christian Hanus
Christian Hanus has started 9 posts and replied 17 times.
Post: Owner occupying a cheaper home than what my current home value is
- Posts 17
- Votes 4
Quote from @Carlos Valencia:
Hello Christian,
Yes the UW will definitely questioned your reasoning to move to another home especially if your current home is bigger and more valuable. Are you leasing out your current primary? where is the location of this new home you plan on living? Basically your justification to moving to another property that needs rehab needs to make sense. Once you have a legitimate reason to show why your moving to the new home you will have to provide the UW with a letter of explanation letting them know your reasoning. Hope that helps. Good luck with your next investment.
Thanks Carlos!
Post: Owner occupying a cheaper home than what my current home value is
- Posts 17
- Votes 4
Quote from @Charles Carillo:
I have known several people who have downsized homes (that are not retirees). I do not see an issue if you are actually going to live in the new house you are purchasing. The underwriter probably does not believe you are actually going to live there. I would try a different lender.
Thanks Charles!
Post: Owner occupying a cheaper home than what my current home value is
- Posts 17
- Votes 4
Hello,
I've run into a problem and I'm wondering if anyone else has run into this and how you were able to solve it. I'm looking to do a conventional owner occupied loan 5% down and flipping the house while we live in it. The problem is that my current home that I live in which also has a 5% conventional loan on it is worth more than any house I'd be looking to move into and flip. Apparently UW's would have a hard time justifying why I would be moving from a more expensive home into a cheaper home (and likely not as large). Has anyone run into this and how did you solve it?
Post: Bidding an Out of State Rehab
- Posts 17
- Votes 4
Thanks Kerry
Post: Bidding an Out of State Rehab
- Posts 17
- Votes 4
Hello Bigger Pockets community,
This has probably been answered a number of times but I'm just having trouble finding out the right way to word this to search in the forum history.
When investing in an out of state rehab at what point do you get a general contractors to bid the rehab? Is is something you'd do after getting it under contract or when the deal is on the market still? I would hope that I can get them to bid a deal prior to getting under contact without having to go out there personally.
Thanks in advance.
Post: Exit Strategies: "Hard Money Loans"
- Posts 17
- Votes 4
Obviously late to the party but just starting to learn more about real estate investing on a personal basis and had a question that would fit in this thread. So when doing a cash-out refinance on a hard money loan, the bank is willing to also give you a better rate than the hard money lender and not keep the same rate in place from the hard money lender? Essentially giving you the benefits of a cash-out refinance and rate and term (minus the term part)?
Regina,
I'm in agreement with what the others are saying for all the same reasons. I'd go for the down payment on the house rather than paying down debt, best of luck on your endeavors!