All Forum Posts by: Frank Hinck

@Reno Che

If you have a balloon payment then say the purchase price now is $150k, in 7 years you’ve paid it down to $110k. In 7 years the balloon of $110k is due. The bank appraises the property and you can get a loan with the bank for the $110k to pay off the original loan. Because you have $40k in equity / about 25% equity, many banks will let you use that equity as your down payment, some mortgage origination fees may apply.

@Andrew Lake

If you can buy wholesale and find some folks on here PM, GC - you can buy from Mainstay Properies, do a quick BRRRR and get refi'Ed and pull your money back out in 6 months.

@Hai T.

Definitely bring in a foundation contractor or 3. The break on the window sill too shows you how powerful the settling has been.

@Maria Cox

Dyches Boddiford lends in GA

@Austin Smucker

It depends how involved you want to be in the process: do you want to buy turnkey, buy value add, invest in syndication, loan your money in HMLs, manage your own or have a property manager, local / in state / out of state? - there are so many options. Definitely better to start in the 2-4 units before getting into the apartment complexes.

@Mike Trzaska

Great! Now you know all the steps and what took too long and what you can outsource next time, built your team, and onward to #2!

@Diane Tycangco

Depends on the Turnkey Seller, some have goals of getting you 10% equity. Checkout Mainstay Property Group in Indy.

@Jordan Workman

That would be Fraud. Banks won’t always check but they could, or your leases could be audited and shown to have more tenants than rentable units.

@Reno Che

You set the purchase price now, buy the home at that value with the owner financing and the down payment. When the time to refinance comes, assuming you use traditional financing then a bank will order an appraisal for the new value.

@Linda Manning

Ask them directly what they need to lock the deal up. Usually money talks, they want the earnest money.