All Forum Posts by: Conte Cuttino
Conte Cuttino has started 24 posts and replied 62 times.
Post: Refi Out Partner Percentage
- Rental Property Investor
- Posts 64
- Votes 13
Quote from @Erik Estrada:
Quote from @Conte Cuttino:
Recently BRRRR'ed a home using my own money and will be using a partner to refi out for an infinite return. What are some of the common ways and more specifically amount to compensate the Refi partner?
What is the purpose for him being on the refinance? Did you recently open the entity you are going to close with on the refinance? What is your ownership percentage in the company? And was he also on the company when it was initially formed?
Post: Refi Out Partner Percentage
- Rental Property Investor
- Posts 64
- Votes 13
Quote from @Tarik Turner:
That all depends. Why are you using a partner for the refinance? Are you using a partner for credit purposes?
Post: Refi Out Partner Percentage
- Rental Property Investor
- Posts 64
- Votes 13
Recently BRRRR'ed a home using my own money and will be using a partner to refi out for an infinite return. What are some of the common ways and more specifically amount to compensate the Refi partner?
Post: Investor Friendly Attorney Florence, SC
- Rental Property Investor
- Posts 64
- Votes 13
Quote from @Dave A.:
@Conte Cuttino I’m also a Long Island guy investing in Florence. Check out Finklea, Hendricks & Blake. My Florence PM recommended them and I used them recently for some title work.
Yes I ended up using them last year they were good
Post: using OPC - other peoples credit
- Rental Property Investor
- Posts 64
- Votes 13
@Joe Villeneuve what percentage of return would you offer the refinance partner using this method?
Quote from @Joe Villeneuve:
Excellent question. We do this all the time with partners.
Deal #1:
Partner one puts all cash in. Partner two refinances all the cash out.
Deal #2:
Partner one puts the cash BACK in. Partner #2 refi's cash out, again...and,
Deal #3:
Partner..., just repeat as many times as you can refinance...then find another refi partner, and start another string.
This method allows you to "use" your cash an infinite number of times, with credit partners, splitting the returns, leaving behind a series of cash flow properties, and the best part of all,...you never spend any of the money...no matter how hard you try. It keeps coming back to you every time you refi.
Joe Villeneuve
REcapSystem
A2REIC
Post: Plumber in 20001 Area
- Rental Property Investor
- Posts 64
- Votes 13
Burst frozen pipes in my property, Im looking for a reliable plumber that can help.
Post: Leave 100k and rent or Flip for 30k
- Rental Property Investor
- Posts 64
- Votes 13
Appreciate it @Mohammed Rahman decided to sell and move on to the next deal with more knowledge. I decided to look into an official duplex or triplex putting 150K down that has value add with renovations and potential unit add but it wont have as much equity because it will be an on market deal.
Post: Leave 100k and rent or Flip for 30k
- Rental Property Investor
- Posts 64
- Votes 13
Quote from @Andrew Freed:
@Conte Cuttino - I think you are onto something. If you sell the property, a lot of the $107K cost will be eaten up in transaction cost. You want access to equity but you also want access to the full profits without safrificing it to expenses to expand your business. Are you able to move into the property and make it your primary residence? That will allow you to build the additional legal space further amplifying the value of the proprety (more HELOC money). It will also allow you to pull out a HELOC in the 90% LTV range since it will be your primary residence. You will be accessing a majority of that equity without having to pay transaction costs. Not sure your living situation but something I would definitely consider if possible.
Have they made it easier to get heloc’s for investment properties. I’ve heard David Green mention it in a podcast recently.
if so does anyone know how much is the typically LTV you can takeout?
Post: Leave 100k and rent or Flip for 30k
- Rental Property Investor
- Posts 64
- Votes 13
Quote from @Andrew Freed:
@Conte Cuttino - I think you are onto something. If you sell the property, a lot of the $107K cost will be eaten up in transaction cost. You want access to equity but you also want access to the full profits without safrificing it to expenses to expand your business. Are you able to move into the property and make it your primary residence? That will allow you to build the additional legal space further amplifying the value of the proprety (more HELOC money). It will also allow you to pull out a HELOC in the 90% LTV range since it will be your primary residence. You will be accessing a majority of that equity without having to pay transaction costs. Not sure your living situation but something I would definitely consider if possible.
Have they made it easier to get heloc’s for investment properties. I’ve heard David Green mention it in a podcast recently.
if so does anyone know how much is the typically LTV you can takeout?
Post: Leave 100k and rent or Flip for 30k
- Rental Property Investor
- Posts 64
- Votes 13
Quote from @Conte Cuttino:
Makes sense @Andrew Freed so say if we I can make it additional legal space, do you think the 107K left in the property for the return is worth it or should I sale and move on?
I won't be able to make the cottage legal rental without living in the primary home myself.