All Forum Posts by: Nick H.

I would be absolutely shocked if you could get a cash-out refi with 95% LTV, @Nick H. Have you confirmed that product is still being offered with the CU?

I've seen several cases where a lender or bank stopped offering a product, but their website still says it does, and I have to show the borrower a news article where they held a press conference (or whatever) announcing that they no longer offer it.

I was going to use Wells Fargo's HELOC as an example, but it appears that they finally updated their website to have a "COVID-19 Update" that they are out of the HELOC business.

The little regional banks and credit unions will always lag a bit -- it would not surprise me at all if that 95% c/o product went away 2-3 weeks ago, but the "non-essential" website update people have not updated it yet.

Thanks for your reply!

I made sure this was the rate before posting the question.

1 Vote

Originally posted by @Mike Dymski:

Yes, worth pursuing, even at lower LTVs.

Now the tough love...it's hard to get ahead financially when in a cycle of debt.

Thanks Mike. Definitely have learned from my mistakes. Sometimes you need to play with fire to really learn I guess 🤦🏼‍♂️

1 Vote

Looking for some advice. I'd love to get into REI, however I feel like my high interest debt is weighing me down. I'm continuing to pay it off as much as possible but feeling stuck. Considering the COVID situation, looking to take advantage of the low rates and also get rid of debt.

Here's my situation:
1st mortgage: $101,xxx
2nd mortgage: $38,xxx
CC debt: $38k
Loan debt: $20k
Zillow 'Zestimate Range': $228k - $252k

My local CU lists up to 95% for cash-out refi.

Assuming low end value of $228k / 95% would be around $75k.
Assuming low end value of $252k / 95% would be around $98k.

0 Votes

Originally posted by @Marisa R.:

Buy 2 properties in Detroit at 40,000 each renting for $850 each pm, refinance in 12 months, many areas are now rising

Dont listen to me, do your own research

Bagley.... just one hot area

Never considered Detroit. Are you doing well there?

0 Votes

Originally posted by @Yannik Cudjoe-Virgil:

@Nick H. I would work backwards from you long term goal. If your goal is passive income then you would need cash to buy real estate. Maybe you can use a portion for a rental downpayment then the other on a flip. Use the proceeds from the flip to buy another rental and keep going from there. But unless you have a second source of cash to put into real estate, you are going to have to do some sort of active income (i.e. flips or wholesale) to generate short term capital to deploy in rentals. Hope this helps!

This aligns with what I think I want to do. Thanks for the reply!

0 Votes

The 80k would strictly be used to maximize real estate purchases. Perhaps a live in flip, or strictly rentals. Just curious what folks would do in a similar situation.

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Thanks for reading my post. My wife and I are finally in a position to cash out on our equity and continue on to the next investment opportunity. We basically did a live in flip without knowing we we're doing it. We can walk away with 80k tax free once we sell our home, which we plan on doing this summer.

With that being said, what's some advice you could give? We really want to start getting passive income rolling in. My initial thought was to buy a fix and flip, as well as a rental or two. Just don't know what my best option would be to get the snowball bigger.

0 Votes

Congrats Joe! Interested to hear more about "I'll be more specific about numbers and experiences in my next post.". Tagging/following and will hit you up if I'm ever in Cali! Amazing properties.

2 Votes

Awesome work Jake! Mind me asking what you used for your out of pocket expenses? Savings? 401k? Other?

Seeing this in practice really makes me believe!

1 Vote

@Tim Swierczek PM sent your way. @John Woodrich thanks for the suggestion.

1 Vote

All Forum Posts by: Nick H.

Nick H. has started 4 posts and replied 20 times.

Post: Cash-Out Refi to pay off high interest debt?

Post: Cash-Out Refi to pay off high interest debt?

Post: Cash-Out Refi to pay off high interest debt?

Post: What would you do with 80k?

Post: What would you do with 80k?

Post: What would you do with 80k?

Post: What would you do with 80k?

Post: $200,000+ rents in 1 year - 10X cash flow

Post: $25K property to a $400K Lake House using 1031 exchanges

Post: Refinance both mortgages to save money