All Forum Posts by: Nancy Cotten

Thank you for your suggestions. I’ll work on this and get back. 

Thank you for your input. 

I have an opportunity to purchase my moms home, in a suburb outside Detroit. We had to move her out of state near my sister as she couldn't live alone anymore. My sibs want to sell it, I would like to purchase and use as a rental so I can establish another stream of income.  I feel it is an opportunity since there will be no competition to purchase.  I am a real estate agent. The home needs work.  Floors will need to be redone (there is original - 1960 - wood floors under old carpet throughout much of the home). Needs paint. The roof, furnace, AC are nearing their end so will need to be replaced in the next couple  of years maybe. I will need a privacy fence built as the house next door is a rental and it is a pit!  The plumbing is original and needs to be redone, but there is only one bath, the kitchen and the basement laundry....she's been having issues with the plumbing for some time and needs to be redone. The city inspection sites additional work in order for the sale to occur, ie...electrical work (no ground wires in the living room, bad GFI in kitchen, non code single strand wires to electric panel-this requires a permit,  non code wire splice to ceiling in basement, outlet to code in basement laundry); install gas line to code; fix broken basement storm window.  I am not qualified nor do I have the time to do any of this work myself.  I am not sure how to go about finding a GC to coordinate the work and be sure it gets done and what I should pay for that.  Along with needing a property  manager to manage the property for me. How do I determine if this is something I should take on?  Really looking for some guidance and advice!  Thank you very much for anything you might be able to offer.  I am grateful for all input.

Hello All,

Question - How long before I could get a HELOC after a cash-out refi? Details below.

Thanks to everyone here and The Podcast, I have successfully (almost) completed my first BRRRR!

I’ll be able to pull out almost all of my money invested, and once I’m no longer house hacking it as a primary, it should CF around $500-600 per month!

Quick question for everyone on how quick secondary financing can be pursued?

I close on my cash-out refi this week, and due to the low appraisal, I cannot pull out as much as I had anticipated.

I understand that, unfortunately, this is the nature of the beast and a possibility when depending on an appraiser’s valuation - However, my realtor, lender, conservative comps, etc, all point to a valuation of 15-25k higher.

Once my current refi closes, is there any time span I have to wait (or other possible negative) with ordering another appraisal with a new lender for a HELOC to utilize the rest of the expected equity in pursuing additional projects?

Thanks for any thoughts/responses.