All Forum Posts by: Mary Eubanks

My local bank has a loan 20% down of ARV and they finance the rest. Is that better for a flip than a BRRRR? Thank you!

Lake house mortgage is $3400, includes escrow

 Very helpful thanks so much!!

Lake house mortgage is $3400 includes escrow 

I am a Real Estate agent in the DFW area. We are wanting to begin our investment portfolio using the BRRRR method or via new construction. However, we need assistance in figuring out where the down payment will come from. Here is our situation.

We have two homes, our primary & a secondary at the lake we just renovated. We put both of these on a 10 yr mortgage at 2.35% interest. I was able to save enough money for a 10% down payment along with cash to renovate the lake house. However, real estate has slowed its pace and I'm not making hand over fist like I was last year, so we need to figure out where a 20% down payment & closing costs will come from. We have 5 months of savings to cover existing bills. We are finishing the furnishing stage of the secondary lake home so we can begin AirBnb to generate some cash flow. 

I talked to our local bank regarding a HELOC on our primary home that we have about $400K equity in ($750K value), but because we took out 10 yr mortgages, our DTI is too high to be approved for $150K HELOC. Is my only option to refi one of my mortgages to a 30 year or is there another option?

I appreciate your time!
 

Goals! May I ask how you got the cash to purchase & flip please & thank you!