All Forum Posts by: Joseph Firmin

Hi @Brad Fletcher, I'd recommend a HELOC due to the flexibility alone. You may do a cash-out refinance and have cash, but if you haven't found a property, you'll be holding cash that isn't working for you and you have a higher mortgage payment more than likely. You could also look at getting a 1st Lien position HELOC and use it like a checking account to really expedite the equity availability.

Yes, there are many lenders that will lend on this type of situation. Keep looking, call at least 10 and compare. I used LimaOne for one similar to this... but there are many. Keep your head up and move forward!

Sounds like you have a plan to come up with the $ to get the deal done and you have options. Go for it if the numbers work and you're confident.

Pro Tip: Make offers without seeing the property. This way you can get the property under contract quickly and then have time to see if you want it and tour/view it. Making offers is free and no risk.

Yep, new construction loans or a personal loan from a friend/family member would be best. Check the zoning/permitting on the property and also what your ending property value would be after construction, make sure the numbers work for it, new construction is getting more expensive with building materials pricing what they are right now.

Very interesting deal @Summer McDade! Maybe a structure with 0% down payment and interest only for 3-5 years, then a balloon payment once you're able to get a loan on it. The equity should have increased given the business plan execution and financing should be fine by then, meanwhile you've been paying interest only and there is no profit sharing and no money down. I'd offer 4% interest and be happy to end up around 5%-6% - especially with no money down. Just include that interest payment in your calculations to make sure you still cash flow.

Not 95%, not aware of any. Even 90% is tough to come across unless you have very good credit. If you find one, please let me know!

Looks great @Tony Shackelford! I'm not far from there. Did you find through a wholesaler, driving for dollars, direct mail?

Hi @Cindy West, keep calling and searching, don't stop. @Dylan Shea may be a good contact.

Run it through the BRRRR calculator here on BP. You essentially are talking about an infinite return if you pull ALL your cash out via a cash-out refinance.