All Forum Posts by: Marc Ver Wayne

Buy, Rehab, Rent, Refinance, Repeat

I won't be able attend this event but look forward to making it out to one's in the future. Thank you for putting these on!

Refinancing the property is putting new debt on the property based on the new value. Many times after the initial down payment and debt is placed on the property the value has increased (based on repairs, seasoned rental history, market appreciation, etc.) so you will get new financing on the current value. This can help you pull out your initial down payment to allow you to use those funds on additional properties. Sometimes this strategy is used in low interest rate environments to help reduce your monthly debt service.

Well this is my second new member introduction and the reason for that is that I picked up my family an moved just south of Charlotte to Clover, SC.  We have finally gotten settled over the last year and I am ready to start my local networking and meeting like minded investors.  I am looking to begin my investing in buy and hold with a concentration in multi-family (2+ to small apartments).  I would love to meet those who have similar interests whether new or seasoned investors.  Please feel free to reach out to me I would love to meet up and see how we could potentially help each other out.

This is for my primary residence but I am looking to find a good reference for someone I can also use in the future as my portfolio grows.

@Robert Labrie

Thank you Robert for your advice. I will be passing this along.

Thank you Art I really appreciate the reply.  I wanted to explore if there were any other avenues at her disposal before talking to her any further.

I will apologize first off for not having as much information to provide as I would like but this is a sensitive issue to a family member which I cannot get much information from.

I have an aunt who lives in Texas that has a property worth around $200K with a mortgage between $50K - 100K (my best guess).  She is really wanting to get out from under the house but is afraid to sell it due to some unpermitted additions that were completed on the house.  She is fearful of going through a normal sales process with an agent that the non-permitted work will cause the deal to fall through and cause her to get the unpermitted sections of the house fixed or torn down. She does not have the money to get these issues re-mediated.

Other than this issue the house is good working order and condition, has already had some foundation work but otherwise is sound.  The unpermitted work was done well from what I know but in the end it is still unpermitted.

The advice I am seeking is if there are any additional means for her to sell the house in which she could mitigate her risk on the work that was done to her house.

Any help would be appreciated.

Thanks for all these ideas, they are great in starting my research!

@Joe Rodriguez

Welcome Joe, welcome to the site!  I am in the same phase in my real estate investing career, lot and lots of good info here in BP.