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All Forum Posts by: Dan K.

Dan K. has started 35 posts and replied 72 times.

Post: Non-recourse refinances?

Dan K.Posted
  • Investor
  • Dallas, TX
  • Posts 76
  • Votes 18

Hey Steve - thanks for writing. You're right - definitely some interest rules on purchasing real estate through a self directed IRA. I feel comfortable with most of it, but just can't seem to find a lender that does non-recourse loans (refinances) using LTV, not LTC. If I could find one that does 70% LTV, I could use a hard money loan (or more accurately, the IRA could use a hard money loan) to purchase and rehab, and then refinance. If you have any ideas on this, let me know. Thanks again.

Post: Non-recourse refinances?

Dan K.Posted
  • Investor
  • Dallas, TX
  • Posts 76
  • Votes 18

Hey BP! Has anyone heard of a lender offering non-recourse mortgage refinances that do 70% LTV instead of LTC?

I found out that I could use my self-directed IRA to fund a hard money loan. I'd love to purchase a small rental property that needs some repairs, fund the purchase and rehab with hard money, and then refinance at 70% LTV - all in the name of my IRA.

Would welcome any suggestions you all have. Thank you!

Post: Hard money lender that lends on condo unit rehab?

Dan K.Posted
  • Investor
  • Dallas, TX
  • Posts 76
  • Votes 18
Originally posted by @Eric Jones:

dohardmonery.com

 Hey thanks! Have you worked with them before? I've had a really awful experience with their sales staff - they refused to send basic pricing info (points? interest rate?) via email and insisted on some high pressure sales call instead.

Post: Milwaukee wholesalers - multifamilies and rental properties

Dan K.Posted
  • Investor
  • Dallas, TX
  • Posts 76
  • Votes 18
Originally posted by @Carlton B.:

@Dan K. 

I'm interested to know did you get any responses?

 Hey Carlton - Just what you saw on here! No other responses. 

Post: Hard money lender that lends on condo unit rehab?

Dan K.Posted
  • Investor
  • Dallas, TX
  • Posts 76
  • Votes 18

Hey BP - I have two condos (shared wall units) that I am looking to rehab.  Does anyone have recommendations on a hard money lender that will lend on condo or shared wall (townhome) projects?

Post: Milwaukee wholesalers - multifamilies and rental properties

Dan K.Posted
  • Investor
  • Dallas, TX
  • Posts 76
  • Votes 18

Hey BP'ers - 

I am hoping to connect with some wholesalers in Milwaukee who may regularly/occasionally have rental properties in their inventory.

I'm a new real estate investor originally from Milwaukee, living in Minneapolis, and hoping to start to look for rental properties in Milwaukee that are good targets for hard money money financing.

I'd love to hear from any Milwaukee wholesalers directly or hear recommendations.

Thank you all!

Dan

Post: Newbie and a Question

Dan K.Posted
  • Investor
  • Dallas, TX
  • Posts 76
  • Votes 18
Originally posted by @Jesse Newell:

Hello, my name is Jesse and I'm brand spanking new to biggerpockets. I first became interested in investing in real estate at a young age, when a package belonging to the owner of my parent's house was mistakenly sent to us. We had never met the guy but we found out his cell phone number and told him we have his mail. He answered his phone in the middle of a few rounds of golf in Hawaii. That perked my interest, but I'm not dreaming about playing golf in Hawaii. I want to be able to support my family and spend quality time with them. 

I'm 23 and would like to buy my first single family home by May of next year. I'm military with excellent credit, so I don't think I'll have an issue qualifying for a VA loan. However, my question is I want to buy a house and be able to rehab it enough to either sell it for a profit or rent it to a family when I move to San Diego.

My question is: How can I finance the repairs/remodeling of the house? Can I use the loan as part of the money to do this? I don't have $10000 to rehab and would like to put money down on the loan.

Thanks for the help! This site has already given me a lot of information and I'm excited to get started!

Hey! You may want to read more about FHA 203K loans. I used an FHA loan to finance my first property. The FHA loan allows you to put 3.5% down if you will owner occupy and the 203K loan allows you to finance repairs. Be prepared for extra redtape, but it's worth it. You could buy up to a fourplex if you will occupy one unit.

When I looked into it, the FHA loan for a fourplex allowed a higher LTV (loan to value - ie what % of your income they use to qualify you for the mortgage) and allow you to count some (usually 75%) of the rental income of the property. So if you find a triplex with two units rented, you could use the income from those two units to help qualify for the place. The mortgage folks will likely need leases for those two units to qualify that income.

Just check with the mortgage officers about any other FHA rules with occupancy and any of the figures I gave above - I'm not a mortgage officer, agent, or lawyer - but did a lot of research when I was first looking.

If I had a shot at buying a place at 23, I would have definitely bought a duplex, triplex, or fourplex using an FHA loan. It could be a great way to jump start your real estate and seemed like a really underused tactic to get moving on building wealth. Worth a look! Good luck.

Post: Going from a fourplex to a five unit - financing

Dan K.Posted
  • Investor
  • Dallas, TX
  • Posts 76
  • Votes 18

Hi there! 

I have a 4 plex financed with conventional mortgage.  

I am thinking about adding a fifth basement unit down the road.  Could I refi using a commercial loan BEFORE I do this, or do i add the fifth unit and then refi with a commercial loan?  Have any BP members gone through this process?

Dan

Thank you all for the great replies - really helpful stuff!  I'd love to do a stackable and figure out the venting issue and am just trying to price out what is a smarter/more viable option.  One of the spaces is likely not set up for the vents.   Thank you!

Hey BP - 

I am looking at a rental property that has no laundry - not in unit, no common laundry, and not great space for the laundry.  Units and common space are not set up for laundry (no vents, etc).

I've been looking at a few washer dryer combos online - like these for example: http://tinyhousetalk.com/top-5-washer-dryer-combos...

Has anyone had experience using washer dryer combos like this in their rental properties?

Dan

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