All Forum Posts by: Mikael Winkler

@Zaire Jones 

I agree with @Remington Lyman there. Definitely watch that video and make sure you're wholesaling legally. You can do it legally, but many don't. Either intentionally or because they're simply not aware. There are a number of intricacies to be mindful of.  

Welcome @Jimmy Lieu! Yeah, there are many great Realtors, many on here, that can assist on that side. Regarding lending, what sort of financing are you looking to do? Traditional 20%+ down or looking to get more creative? I'd look at lenders based upon how you're looking to work financing. Traditional, hard money, or even owner-financed may be viable depending on what your looking to do. 

@Shawn Phillips

Yep! We were able to add value through some renovations and force that appreciation to refinance. Unless the stipulation changed, you are able to move out in under a year if you can refinance into a conventional mortgage. You will most likely have to wait at least six months, though. Most lenders won't refinance for at least six months after a mortgage was originated. They call it seasoning. However, there are some smaller institutions and and portfolio lenders that service their own loans that will forgo that seasoning period. Would just have to do some digging to find them. 

@Margaret Hill

Yeah, I realized right after I posted that you guys were probably not looking to move from your boyfriend's house haha. 

I don't know the intricacies of 401k loans, but that may certainly be a great option. On the project I'm currently working on, I used a HELOC for the down payment and am working with a hard money lender, who financed the remainder of the project. Thus far, it's worked out well. We're in contract to sell as a flip but we could've also refinanced into a conventional mortgage after renovations and kept as a rental.

@Shawn Phillips 

Yeah, that 3.5% down is through FHA. There was PMI on that, but depending on the price point you're buying at, PMI isn't necessarily terrible. We were able to buy low in what would be considered an "up and coming" area, so our PMI was maybe like $50/month on top of PITI. And, once we refinanced after 6 months into a conventional mortgage, that PMI went away and we moved out of the property.

Now the continual property tax increases that stem from an appreciating area are the thing that's raising our mortgage every year haha

@Samuel Liapis

I am currently working with a hard money lender that did 90% of project cost at 11.5% interest. By the time all the closing fees, etc were added (they did charge a 3.5% origination fee), I had to bring closer to 15%. However, that’s much better than 25%!

Or, if you're willing to house hack and live in the property for a period of time, you can utilize FHA at 3.5% down. If you do renovations, you can always refinance and move out before that year threshold that FHA requires.

@Praveen Kumar

Agree with some of the other sentiments on here. You may not get the highest cap rates in Columbus, but it’ll be a solid investment.

@Curt Bixel

I used Matt Vanderpool of Build O.H.I.O. for my windows on a flip we’re working on. Replaced all of them. His prices were great and professionalism/workmanship were top notch. PM for contact info, if you’re interested. BP doesn’t allow posting that sort of stuff in the forums haha

@Steve K.

Yeah, I believe the timeframe is a year for FHA. However, like my wife and I did on our first, if you do any rehab and refinance from FHA into a conventional mortgage, you can move out sooner. We were in ours for about 5-6 months before we refinanced.

@Robert Ellis yep, house hacked a duplex on Welch in Merion Village haha