All Forum Posts by: Jesse Greaves

You cannot get a HELOC on a property you do not own. What you can do, is have your parents and brother get HELOCs and write you checks for the money. Wait 60 days, as banks are going to want to see two months of statements, then launch. However, if yours goes south, your folks and brother could be looking at a foreclosure.

Alex Verdugo

Anyone tracking a good hard money lender in DC for a relatively experienced project manager?

@Shadonna N.

Why do you think DC section 8 is a bad deal? I've had great, and above market profits with the voucher program.

@Mo Silva

You should only be looking at PMI until you get to the 20% LTV or equity. PMI covers the banks losses if you default, and they need to sell the place. Usually around 20%. If you keep the not with the lender they may be able to streamline your refi, and give it to you cheaper.

@Uneeq Khan

Uneeq,

You need to put contingencies in your offer. For instance I won't accept a property with tenants. Generally, unless there is a clause that states you're out of the deal, your EMD can be forfeit.

@TJ Quinata

Short answer ........NO!!!!!!

You'll lose your tax exemptions for the 201 cash as well as incurring penalties! Unless this is going to be your primary residence, and is your first purchase, looting your retirement fund for real estate investment is a very bad idea.

Get a second job, look to creative financing, even halt your 201 investments to build up your down payment. But if you drain your 201 I think you'll regret it later.

I think that Anacostia is the place to look for the Las bastion of good profits in the DC real estate market. Research a 203k loan, it may be right up your alley. PM me if you'd like more details.

@Charles Ho

Charles,

I recommend TRW. PM me for their contact number.

Amazing all around performance.

Team,

I'm a residential landlord, looking to make the jump into flipping. Can you recommend resources for DMV-centric education that would come in handy?

I'd like to know more about financing, permitting, and timelines.

Thanks for your support!

Go Nats!

@Summer Pepitone

Look to a 203k loan, on a multi unit re-hab. You'll need only 3% down, and if the renovation completes before the close out inspections, you will recoup your down payment in rent without payments. (203k allows you to finance the first six months of payments). 12k and you're off to the races!