All Forum Posts by: Christian Ivanov

Usually, lenders will do a cash out refi at 75% LTV. I am looking for a lender that will go over that amount - hopefully someone that can do 80% or higher. Any suggestions? I have equity in my properties and would like to pull some cash to purchase additional. I also found a potential BURRRR property that I would like to make an offer. Thank you in advance for your suggestions.

I own 5 investment townhomes.  1 in the Glendale Heights, 3 in Hanover Park and 1 Hoffman estates.  There are plenty of HOAs that allow rentals.  I just looked at one in Wheeling yesterday and I might make an offer.  Most of the times they have a high investor ownership and will be difficult to make changes without the approval of investors.  Good luck.

First of all, you will receive a check for 50% of the amount. Then you would have to wait to do your taxes so you can get the rest. Happened to a relative of mine with a low tax rate. I would move the 401k to a self directed IRA and use all of it as a down payment. There are a couple of episodes on BP discussing that option.

@Devin Haertling Devin, would you be able to send me the info on the lender and the bank's name.  I live in Illinois and I would like to explore a bit further.  By the way, excellent job to you.  $3,900 in monthly cashflow from 6 properties is excellent.

I am still a buyer, since I am a long term holder. Same goes for stocks. Always have cash on the side, I keep 6 months for each property. If there is a "sale" in the future, that's excellent. I can buy more. If you have a good location you will be fine in a downturn. My biggest concern is for the turnkey investors in the lower income areas. These properties will do bad in a downturn. Stay with quality.

Are you looking for flips or is the property in good shape?

Thank you all.  @baseemi Iqbal I will email you this week.

Typically you can get 75% of the value as a cash out and there is a seasoning period 6-12 months.  You have origination fee 1K, title 500, appraisal 300, misc 300.  So a total of $2,100 in closing costs.  75% of 110,000 house is 82K.  You can refi, get your downpayment money back and buy another house.  If you are looking to buy another house and you need money I would do it.  Otherwise, I would not refi.

In my opinion 401K is a great tool to build wealth.  You get free money from your employer so how can you say no.  In the short term it is risky, you will have your downturns, but at the end it will make you lots of money.  There are a lot of money out there, which causes inflation.  So the way to make sure your money is growing is to invest.  Invest in stocks and in real estate.  Don't just do one, do both.

I find properties that I can net about $250 a month after all expenses are paid.  Maybe I am a bit greedy but I would like to be in the four hundreds.  My focus is the Northwest suburbs,  I guess I have to be more patient.  I am also looking for condos or townhouses.  As I new investor I am cautious of single family since there are a lot more things that can go wrong (I think).