All Forum Posts by: Frank Geiger

I would take a look at your interest rate and the rent to value. Might be a good time to lower your current interest rate (depending on when you bought the property). The numbers still need to make sense for a REFI. HELOCs are great too though. I look at both because they are better in different situations.  

24 is a good age to take a big risk like this. I question if you understand the financing aspect of flipping and wholesaling from your statement about not having much money. My advice would be to start wholesaling now before you totally leave. It may take a while to close deals and adjust your marketing strategy. Additionally, really educate yourself on how you plan on funding these deals. If the construction costs go up and you are trying to pay holding costs with no income, there is a chance to get caught flat footed. But I wish you all the best and I am sure your project management experience will come out handy.

Totally agree; don't rehab a whole house and then put old, used appliances in. The new home owner will notice. I always go for stainless steel; it's the same price and looks much better. Lowes and HD have the packages you can buy for a few thousand bucks. Totally worth it and easy to estimate rehab costs with the appliance numbers right there.

@Jordan Woolf it sounds like the property is in decent shape if you can immediately REFI. There are ways to get mortgages on foreclosures. Just saying it's worth lookin into because hard money is expensive. 

Sounds boring but find a market, become an expert at some strategy, then just keep buying properties that meet your criteria and eventually stack up to 10k a year. Then decide whether to keep the debt service or pay it off

You can personally guarantee a mortgage in an LLC and the bank would probably lend on it. Sounds like this is beating you up a bit and you just want to get rid of it. What do the numbers say? How much do you loose if you hold vs sell?

Any high salary w2 job. I have heard self-employed investors have a hard time getting loans and that's what you need to REFI.

Why would you purchase with HM if you can get a regular mortgage immediately after?

Get a normal mortgage on the property and charge your brother and the other person monthly rent.  Is your credit shot?

I think there is a federal and state gift tax. 

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