All Forum Posts by: Matt Turbitt

exactly what  @Greg S. said

if she recently refinanced then an appraisal was done and the bank would have only given her 80% so you at least know that an appraisal came back saying it was worth 215 so is there room? Sure but I would say only if it is pretty turn key

 12 more months is the key. At that point it will have been his principle property for 2 years making all growth tax free. 

in my opinion your best open is to wait til the house has seasoned 12 months (aka now) and do a cash out refinance. The appraisal will tell you what your house is actually worth, the fees will be less then 1k, you'll have 85,000ish cash to play with, and as long as you live in the house another 12 months it's all tax free. You can use that money to pay off debt or buy another house or both, maybe fix that house and rent it out for 12 months then sell your current one and move into the new one. 

I'd recommend listening to BP podcast #165 it discusses some of this and the dilemma of their 2 views.

http://eligibility.sc.egov.usda.gov/eligibility/in...

You can calculate it here.  Though, your aware only like 1% or less of LA is eligible for usda right?

Wells Fargo seasoning requirement is 12 months.  Is the property actually legally trading hands? If so it's fine their appraisal will be all that matters. Your cost will be irrelevant.

I was going to say yes their are certainly many private loan programs offering down payments under 20% but you've got that covered. 

I'd suggest you listen to BP podcast#162. It's with a real estate investing cpa and she walks through alot of this and when to do what and where.

As for your #3 their aren't any first time home buyer federal tax credits anymore so you are probably referencing a local program?

for what it's worth we are currently using kohler farmhouse sinks but have been thinking of switching to the IKEA version (if you have an ikea there) as they make a pretty cool $200 one. 

Also in regards to your brrrr dilemma it may be worth talking with a few lenders. For example, the one I currently use will use rental income in the calculation just as long as I have a tenant lined up, no 2 year history requirements or anything.

if your looking for a bit more info it'd been discussed a few other times on here for what it's worth.  

I think the app is probably worth it and will have its place in simplifying those processes but the issue is anyone of any real quality won't need the app as they will already have more then they can handle in a winter in contracts.