All Forum Posts by: Erik Estrada

Hahah @Erik Estrada smiling over here...of course always variables depending on each person's situation! Feels like a Seinfeld episode, "Okay, so you don't know anything? No. Alright, good work!" ;) Anyway, appreciate your insight. This project would be a longer term play-selling is always an option, but initially the thought is to hold it as a rental. It's the beginning stages of a new development (so lots of potential upside being in at the start, but also more risk/at least more unknowns of how things will play out). 

If the goal on a hold is initially monthly cash flow, would you (or anyone else!) say not so much on the ARM-if we aren't anticipating selling it? I mean in 5-10 years we certainly could pivot to that, but it's not the thought right now.

Does anyone know of a bank/broker that offers interest only loans for investment properties?

I'm in the Boise, Idaho area and I'm looking to take out a HELOC. Does anyone have recommendations on who they have used? I'm looking to invest in some fix and flips and eventually hold some properties.

Really not bad, if you move to 15 years it could go all the way down to a 5%. Rumor has it rates will go back down to the 2-3's in 2023. 

Hey Erik,

Thanks for the reply. Yeah, it would be to purchase another property. 

My lender states I need to show rental income on my taxes before I can refinance my investment property. Since I purchased it in December it won't  show until next year. 

How do I get around this? I hear investors say they refinanced in 3 to 6 months using the BRRR strategy all the time. Surely they can't be waiting until they file their taxes to do so.

What mortgage product will allow me to quickly refinance? There are no limitations (pre-payment penalty) on my existing mortgage. So I'm not sure why I have to wait so long. Does the quick refinance only apply if you purchased your investment property in cash? I've heard investors state they have refinanced hard-money loans in a short period of time. Does this not apply to a good old-fashioned investment property mortgage?

Thanks in advance!!!