All Forum Posts by: Howard Montaque

I dont see Brevard county listed so I assume you dont service it?

Someone in another thread mentioned building too. I will look into that option.

Totally understandable but similar square foot fixer uppers are $500k - $600k.

We flipped 3 houses last year. It was a long hard battle and we did well. Now I have money in the bank and flips have become harder to find in this market. I found a new construction triplex for $670k where there are older properties that need work at this price point. I put in an offer and started looking for a lender. Then I found out that multiplex properties are now 25% down. Thats $167500 not counting the closing costs ect... WOW! Thats going to be all my cash money. The property should net me about $4k a month but that will take a long time to recuperate. How are you dealing with it?

My goal is $8k to $10k per month

My main objective with this post was lending options other than my hard money lender to maximise the cash return to buy the next property. We will have to refi out of the hard money in 3 months. Cash out refi? Delayed financing? Comes to mind but who to use for the best rates and if we should put more money into the property over the next 3 months. Would it be worth it. Sure an appraisal will help determine that and has to be done before the close. Im just trying to be proactive. My broker isnt the best when it comes to investment properties.

I hope all is well and success is your friend. This property is $565k and grossing $10,400 a month as a shared residence renting by the room. Its fully occupied with 16 tenants. I have been using hard money at 15% down and 80% of the sale price for my flips. With this property costing more than usual and having to put down $113k plus closing I am really concerned about what loan to use. Conventional, Delayed, FHA, Ect... We want to maximise keeping our money for the next properties. My wife and I are USAF veterans and flipped 3 properties this year. Any advice on funding? What loan would you use to get the most of your cash back?

Comps are tough as this property is much larger that most. Very hard to calculate but getting a 4 bed 1 bath 1250 square foot house for $141,250 would be unheard of here. 

I hope all is well and success is your friend. I am buying a 5000 square foot 4plex with a partner. I needed a partner because I found this property while in the middle of a flip and my cash is tied up. This property is $565k and grossing $10,400 a month as a shared residence renting by the room. Its fully occupied with 16 tenants. I have been using hard money at 15% down and 80% of the sale price for my flips. With this property costing more than usual and having to put down $113k plus closing I am really concerned about what loan to use. Conventional, Delayed, FHA, Ect... We want to maximise keeping our money for the next properties. My wife and I are USAF veterans and flipped 3 properties this year.
Thanks for your time,
Howard & Tamay Montaque

Thats true but it will take more than 60 days to rehab and sell my flip. Usually its about 3 months. Thanks though.

I have just bought a flip and found a cash cow fourplex. My money is tied up in the flip house. I need $60k and found a private money investor but they want first position/mortgage but I bought the house with hard money. Not cash... I looked into taking a loan out on our IRA but you can only put the money back in at $6,000 a year. I dont want to lose this fourplex as its grossing $10,400 A MONTH! I NEED HELP FIGURING OUT MY OPTIONS! This is driving me crazy... I only need the $60k for less than 6 months, to be paid back at the sale of the flip and/or the profit from the fourplex.