All Forum Posts by: Hyeseong Park

 yeah like delayed financing. But yeah wow, then people don't really have to get active income from flipping business or something like that if I do cash out refi well. 70k is when coming from my pocket. 

Hello I'm curious if this strategy is theoretically possible to expand super fast wealth as below:

For example, I buy a rental property for $70,000 in cash and then immediately did a cash-out refinance to get $56,000 in cash (I know usually it takes 3-6 months season to cashout refi, but as long as one lender is able to do refinance it)

I then use $24,000 of the $56,000 I borrow as a 20% down payment to buy a $120,000 rental property. After that, I do another cash-out refinance on the $120,000 property at 80% LTV to get $96,000 in cash. Now I have $32000 + $96000 cash in my pocket. Is it feasible to get $96,000 in cash eventually from the second cash-out refinance in this way and keep expanding wealth in this way?

This is not BRRRR I think.
 

(As long as the real estate value, loan conditions, and cash flow all are feasible.)

 Yes.

Does anybody know if my father can prove his income to a lender when I try applying for an FHA loan instead of my income?

Also want to know if the father needs to be a US citizen or permanent resident, as my dad is from a different country but I'm a permanent resident in PA.

Not sure if this is depending on each lender since it is related to Federal.

Thank you!

Does anybody know if my father can prove his income to a lender when I try applying for an FHA loan instead of my income?

Also want to know if the father needs to be a US citizen or permanent resident, as my dad is from a different country but I'm a permanent resident in PA. 

Not sure if this is depending on each lender since it is related to Federal.

Thank you!

Contacted.

Hi, I'm looking for a DSCR lender who can help around $56k as I will get a property in Harrisburg, PA with $70,000 purchase price.

Here is the scenario:

House Purchase Price: $70,000

Location: Harrisburg, PA

Loan Amount that I need: $56,000 (80%)

Annual Insurance: $1200

Annual Tax: $1,500

Rent Price: est. $1400 / month

Credit Score: 741
Anyone is open for it?

Hello all, 

This is a newbie flipper who is about to sell my flipped house.

I bought the property with a name of LLC and I have one question while selling it.

I assume that I will receive payment for selling the house as a check and want to know what the better way to receive the payment is via between LLC bank acc or just personal bank account in general.

And want to know what are some advantages tax-wise if I put the payment into my LLC bank account. Also, is it okay to feel free to use that money for personal stuffs like paying rent, utilities from the LLC acc?

Lastly, as I'm going to purchase a used car, which is going to be normally used for driving for cash to find distressed properties so want to make sure if I should buy the car with the name of LLC, not with my name as well.

Thanks so much!

Hello, 

I'm a newbie investor and after 2 flips done, I'm trying to join in House hacking world and I got a question.

As I didn't start with FHA Loan yet, I'm trying to go House Hacking with a distressed 4 units property to start it out in PA. But as far as I know, just FHA loan is not gonna work for distressed property? If I need to rehab the property, then, I need FHA 203k loan instead of FHA loan?

And may I know what the differences between them exactly are?

Also I want to know if there is any different terms or conditions to go each. 

Thanks:)