All Forum Posts by: Daniel Demint

Just called a lender to get my pre-approval before looking at a HUD home for sale. Was looking at a 203K to get repair cost built into the loan. She responded that they do not do 203k's unless the property will be O.Occupied. Is this true of every lender? If so, is there another way to get the repair cost and property cost built into one loan on investment properties?

Thank You Jon, Jerry, and David for your responses. This "hold" would be for tax purposes as Jerry, and David mentioned. The plan after selling this particular house, is exactly as you mention, Jon. This first property is just to get me started. Thanks again, guys.

Btw, Thanks for responding Bryan H.

It will be, yes. Currently, it's in rehab stage. No renter's yet. I plan on holding and renting for 2 - 3 years, then selling.

Are there any rules, or laws regarding the sale of renter-occupied single family units? I'm specifically looking at renter rights. Is there a certain amount of time (after putting renters in a unit) that I would have to wait before legally being able to sell the unit? Any input is greatly appreciated. Thanks in advance.

Hi Jon. Thanks for responding. Yes, I am still occupying the home, and we love it. Since we plan on staying here, I figured it wouldn't hurt to take out the equity so soon.

Hi Marc. Thank You for responding also! Is a Mortgage LOC the same as a HELOC? And do you know if a cash-out refinance is any easier to get than a HELOC? Or the other way around? My credit is okay, but apparently it's not great.

Thanks for your response, John! I kind of figured it would be around 80%. Thanks again for the heads up information.

Hi All! I'm brand new to Bigger Pockets and I'm looking for some information in this amazing community. My Fiancee and I purchased a HUD home 14 months ago to be Owner Occupants. We paid 26 for it, it appraised at 54 (before installing new kitchen, bathroom, and other upgrades.) With all that said, would a cash-out refinance be feasible in our current scenario, and if so....could the resulting cash be used to purchase another property for investment purposes? Thanks in advance :)