All Forum Posts by: Nicholas Salnicky

@Matt Morgan

Yes, i spoke with him and he filled me in thanks.

@Manuel Alexander

I'm down for meeting up at both meetings! I asked where the newbie meeting was, just haven't heard back yet. Let me know, looking forward to meeting you guys.

@Collin Schwartz awesome! thank you sir! Look forward to attending my first.

@Peter Vazquez where are you getting together at?

@Collin Schwartz

Are these meet ups still going on?

Thank you all for your input and explaining your points of view.

Hello Omaha!

I noticed that we don't have really any meet ups on bigger pockets. We need to change this! I am looking to connect with new and seasoned investors. Please send me a request, I would love to plan a meet up or get together for the community. Or just meet up individually for coffee or to shadow and pick your brain.

Could that be just that specific bank's policy that you have to pay off the original loan of 130k to make sure they get there money first. Or could i essentially just tell them, hey i want to just refi, take the full 160k out and sooo id leave 40k of equity. Take the 160k and go on to my next property and use the 160k on my next property?...

Thank you for your response. So what you are saying is that at the time of the refi, i would be able to take out the total 160k. 

Where was this mortgage guy coming up with only 30k? Could that just be a bank specific thing? 

Looking to get into my first property. And i was just speaking to one of my mortgage guys at a bank. I asked a lot of questions trying to clarify exactly what i would be able to take out on the refinance. 

So i showed him the property it's a 2000Sf town home listed for 130k and was looking at putting 30k so my all in cost would be 160k. He said hypothetically it should have an ARV of 200k maybe a bit more. But for the purposes of this example we'll use 200k. He said i could refinance and take out 80% of it which would be 160k but then you had to minus what i was in it for on the purchase price which would be 130k. So essentially i would only be able to take 30k out.

Is that typically how that works?

Thanks in advance!