All Forum Posts by: Daniel O'Dowd

Anyone finding lenders who do 6 month cash out refinances lately? All of the lenders I’ve used are/have pivoted to 12 month seasoning periods. Not sure if this is a product of the changing times or its just time to look for new lenders

@Joe Villeneuve if he wants his cash back quickly, is the only viable option to buy the property with a conventional investment loan?

@Chris Seveney hey thanks Chris! Thats a really interesting option. I hadn’t thought of that. Would this work without a seasoning period because the property is being refinanced from an arm-in-arm mortgage to a traditional mortgage carrier?

@Joe Villeneuve thanks Joe! Wouldn’t the cash out refi still require a 6 month seasoning period though even if I was on the title?

Happy Monday,

I need some advice/help navigating getting cash back out of a deal. Long story short, I'm a new investor (5 SFH so far in North Carolina) and have been acquiring buy/hold property which is quite slow for my taste so I decided to try my hand with value-add investment. On my most recent project, a wealthy family member of mine offered to fund the cash acquisition/renovation of my next deal interest-free as a gift for graduating grad school as long as I returned that cash back as soon as possible. I have my own investment capital but this was too good of an offer to turn down.

Said project went better-than anticipated and I finished a complete renovation of a SFH in 8 weeks and right under budget.

The problem is that I asked said family member to keep the property under his name so that even if the property failed to appraise well, I could use a conventional mortgage to buy back the property with 25% down of my own money and give this family member their money back.

Fast forward to today and I spoke to my lender about the possibility of delayed financing once the appraisal was complete in order to cash my family member out of the deal. However, my lender said that this is not possible (gifts of equity only apply to primary residences?) and that I'd still either have to straight up buy the property with 25% down from him or have my name put on the deed and BRRRR out the cash in 6mo.

I was hoping to use delayed financing as this is the only "cash out" method of acquisition I know of that doesn't require a 6 month seasoning period. Does anyone have any advice on how to avoid this wait and/or 25% down conventional mortgage?

Thanks again!

@Kathie Russell awesome thank you so much for the recommendation! I’ll reach out

@Jared Trindade perfect thanks!

Hey guys,

I'm a small time investor in the RDU/Durham area who has spent the past couple years investing locally but I'm no longer seeing cash flowing rentals without extreme difficulty so I'm now shifting my focus to looking at markets more conducive to BRRRR/B&H. This will be my first venture investing further than 30min away from where I live so I wanted to put some feelers out. Does anyone have any recs for investor friendly agents and/or property management companies in the Fayetteville, NC area?

Thanks!