All Forum Posts by: Jane Johanson

@Stephanie P. So the kitchen is not rightly proportioned to the rest of the home - galley style. And the basement steps are between the kitchen and dining. Changing access to the basement to a circular stair or something that takes less room would enable me to join kitchen with dining and make it more liveable for us but more valuable for resale as well.

@Stephanie P. Thanks! You are right it doesn't sound like it makes sense with the ARV of $600k. I think better to go traditional 30 year fixed with 10% down so I can use the other 10% for reno. Then can look into a refinance in 6 months or so.

@Andrew Freed thanks Andrew. Yes I can definitely go the traditional route. But it requires 20% down and doesn't build in reno costs

Terms agreed in NJ yayy!! Agreed upon purchase price: 5% below list! Yayyy!

Here's my question: we plan to close 6/30 and move in and hold. PP: $515k + reno: $50k. I am putting 10% down. ARV: $600,000.

This is where I get foggy. So flash forward 6 months. 1) How do i structure a refinance without more out of pocket? 2) if prop purchased under my llc, will that preclude me from trad financing in 6 months? Thanks all!!!

@Sarah Shellam. Thanks Sarah! I appreciate your thoughts. Would you have any specific company recommendations you would be willing to share?

@Ryan Williamson. Yes definitely higher rates. I see it as a short term solution to: 1) being competitive in a sellers market (hard money lender can provide proof of funds letter which in some cases can qualify as cash ). 2) for a fix and flip you are loaned on the total cost of project. The key would be to get in and get out quickly (within 3-6 months) but (always a but) it is challenging right now to get qualified contractors who can start asap on a project.

@Ryan Williamson. I am finding that if you are looking for hard money loan for your deal, these lenders require llc — since you have formed one, it opens up this option for you. Best of luck! (Love the Atl!!)

Thanks @ashish acharya Yes  I have a SDIRA.   Perhaps we can talk?

Any resources out there on how to invest in RE through self directed IRA much appreciated!

@Carl Hebert thanks Carl!