All Forum Posts by: Guifre Mora

Hello BP,

This is my first deal, and I am super excited to be a part of this world of property ownership! Which leads me to a landlord question for all you folks.

I am set to close on a fully occupied duplex in a couple weeks. Unit B Lease expires in 60 days and intends on moving out. However unit A lease doesn’t expire till November of this year. My original plan is to close on the property and wait for 60 days and move into side B while I wait for unit A to vacate. My question is now; is it possible to entice unit A to move out in 60 days with some cash for keys deal? Because I ultimately would like to occupy side A as soon as I can. To my knowledge both tenants have always paid on time and have never been a problem. This Property is located in Texas.

Many Thanks

Braxton

I am a newbie real estate investor and will be using a HELOC to pay for the purchase of a house including rehab costs. Couple questions below:

1. Should I be getting preapproved to get a cash out refi, will the banks even consider this if I haven't even purchased the house yet? 

2. How do I figure out the BRRRR calculator for a HELOC? I have been selecting the cash button for purchase, but then that isn't counting the 4.5% interest I will have for the HELOC.

3. Are banks even allowing refi's right now due to the Coronavirus?

Thanks in advance for your advice.

@Guifre Mora  I understand it's kind of "in code" the rules say you cannot tell or give to much information, plus a lady never tells her age :-)

@Guifre Mora when you refinance, does the monthly payment to the bank go down ?

@Guifre Mora yes

In the process of rehabbing one of my first brrrr’s it is a single unit converting into a 4 unit

Pp 55k

Rehab 150k

205k all in

Rent 5500 a month

Comps are 350k

Will this be a easy refinance ? (Using hard money) and if I want to continue doing this what’s the best way to refinance out I plan on owning 40+ units by 2021 thanks for anyone who help

Grandpa Died 2018 Left This Really Beat Up Brownstone To My Mom & His Sister. The(Pre Covid-19) ARV=$2.6-3M. My Problem Is They Are Both Financially Illiterate & Extremely Stubborn. The House Is In Terrible Shape And Would Need At Least 500k For A Full Rehab & 200k To Make It Livable, And They Are Overwhelmed Because oF That. Talked To My Mom I May Be Able To Acquire For 200k, Which Would Be AMAZING. I Really Want This House. However I Just Started Building Credit And I Make $21/Hour Full Time, While Currently Developing Multiple Streams oF Income. With Only $1000 Savings To My Name. How Would I Go About This Deal, Especially In These Times? Could I Possibly Wholesale It To An LLC Or Trust I Develop For 650k(Some Kind oF Loan), Then Use The Assignment Fee To Make The Mortgage Payments For A Year While I Invest In Cash Flowing Property+ Businesses? Or Get Loan For 300k And Somehow Use The Equity To Refinance? What's The Best Business Structure & Course oF Action To Take For Tax Benefits In This Situation? Could I Somehow Use New Home Owner Programs And/Or Grants? How Can I Make This Work? What's My Best Option For A Loan, Other Than A HML With Ridiculous Rates? ALL Suggestions/Advice Highly Appreciated. Thank You.

Good evening, this is actually my first post and have recently (a little over 3 weeks ago became a pro member). I have been looking to refinance the house I purchase last January of 2019. At the time the interest rate was that of 4.75% since I was able to get it through my Federal Credit Union with a 3% down FHA Loan. In late February/Early March with interest rates low (were around 3.25%) I decided to try and refinance my home as some similar to mine were selling at what I needed for the credit union to consider 80% refinancing. I am looking to get out of the high PMI (~300+) in order to have 20% equity the home needed to be appraised at 380k and I would still come out of pocket for closing. However, after the appraisal came through it was noted below what 20% equity would be and believe that the credit union is a lot more stringent.

Asking around I have been told that I can refinance my home and reduce the PMI and the overall payment of the house by ~500+ dollars a month, which would be great. My question on refinancing would be, if I refinance my home (through my credit union or another avenue) would I be loosing out on acquiring an FHA loan to purchase another home this year. Would refinancing re-set the clock on me having to wait a whole year before being able to get another FHA loan? My plan this year was to purchase a second home and use an FHA (potentially) in order to house hack and rent out the rest of the home (was hoping for a triplex).

Can I refinance to lower my interest rate without losing out on using a second FHA loan this year? I continue to look up information but nothing has been clear so far. Have some mortgage lenders saying it is not an issue and would still be available, however, do not want to jump into it and push myself into a corner that would make me wait a whole year for my next home purchase.

I found a 57 unit $4mil property in default, as a newbie should I. I have read all the particulars, analyzed and analyzed. I figure I can get investors to hold the $4mil for 4 years and I sweeten the pot somehow. All of the buildings are very nice and in a good upscale area. Rent is not cheap. It seems the owner tried doing things he should not have and got in a little trouble. The property is more than $4mil it's only in default for the $4mil. it's more of a $8mil property. I have been studying and learning since December 28th, my daughter says I should start small. Am I shooting to big or not? I have a couple of people in mind to bring aboard to help my Dream Team. At 55, an army vet I don't have fear of the unknown, at the same time I want to know what others think. I am sure I am not the only one who had a very large first deal. I do have another smaller one, but for some reason that seems like it is harder to get anyone to invest in. Ahh haa, the higher the risk the greater the reward. Please give me your thoughts. Thank you.

@Guifre Mora

13 loans being consolidated into 6 confirming loans