All Forum Posts by: James Cox

@Nicholas Covington Sorry Nicholas, I didn’t realize I never replied. I’m in Texas. Turns out we closed on the refi for our primary and close on the purchase Friday. Our income ended up not being a problem; guess I was worried for nothing. Thanks for the advice!

Good Stuff everybody.  Thanks for the taking the time to reply and share your experience and advice.  

Ive done done two flops.  1st one, I hired the wrong contractor, myself.  2nd I hired the wrong contractor, wasn’t at the property enough, our contracts were terrible, bad communication, we gave way too much money upfront...you get the picture. I learned real fast why construction management is a lucrative profession.  Now I have another investment property that I’ll be holding, and my goal is to not work in it myself, despite my nature.  It’s kind of a personal test, to refine my management skills. I was hoping to get some best practices do’s and dont’s when it comes to hiring a contractor.  Micro details e.g. contractual language, interviewing techniques, really anything relevant is welcome too. Thanks!

It’s still a refi and my best guess is because there is no buyer and seller.  You’re essentially selling it to yourself at whatever price you and yourself agree upon. Usually you can borrower up to 80% of the appraised value. This limits the risk to the Lender should they have to repo the house for any number of reasons and sell.

Thanks for the suggestions. Refi and Heloc are still considerations just wasn’t sure if I was missing something obvious.

I have approximately 250-300k equity in 3 properties and need to get 25k out for a down payment on a house that sits ajacent to us and just came up for sale. We’ve been fantasizing about buying this house for years now.  We have good credit but poor income (lots of write-offs) We’re looking at cash-out refng our primary res but it’s looking like our income may not even allow that. Surely there’s something I’m not thinking of. Any bright ideas?