All Forum Posts by: Kelli Fitchlee

My husband and I purchased a property last month in Detroit.  We paid cash ($20k) with the intent to refinance the deal and purchase another.  Our goal is to hold for passive income.  I have another one under contract for $38k that we will pay cash for also.

Here is the problem..I have heard from a traditional lender that these can not be refinanced because the cost to refinance the loan value exceeds the legal limit, something like 20%.   Can anyone explain this better?  I am looking for what alternatives are available to get our money back out so we can purchase again.

Thanks!

Help! 

I am close to getting my first deal.  The skinny on the details are:

The seller is losing the home in foreclosure (scheduled for 7/13/18)

I have offered to reinstate her loan in exchange for a quit claim and I will take over her loan until I have flipped it.  Because there is sufficient equity we have offered to pay her some $ also.

How do I get a quit claim?  In order to protect myself I assume I need to record it before I reinstate the loan right?  Time is of the essence because it is scheduled to foreclose in 10 days.

At what point during the transaction do you recommend the seller gets paid?

All comments and thoughts are appreciated!

I am working on a SFH wholesale deal in Hattiesburg Mississippi. Do you know the best networks for investors in Mississippi we can tap into, or do you have referrals for fix/flippers we can connect with? Also looking for an agent in the area.