All Forum Posts by: Nicole Wood

okay, so since i've posted this i've been searching the forums for this same answer and I guess what i wasnt seeing was it was a CASH OUT refinance. So now lets see if a house was bought for 60k arv 130k rehab 20k you would have 80k into it you refinance you'd get at most 97,500 for new loan 80 of that would cover old loan and rehab costs so you'd have 17k more than what you put in? however not really...because you have a new loan that still has to be paid...but youd get that 17k in cash and be able to pay a down payment on a new deal even though the mortgage payments would raise some?

ive heard that set for life and rich dad poor dad are two of the really good ones. bigger pockets sells many books.

I've read articles, watched webinars and listened to podcasts however I still don't quite understand the Refinance part of the BRRRR strategy.

If I were to get a house for 60 k the ARV being 110k and put 20 k into it that leaves me 30 k in equity. refinancing out of that loan would pay off the old loan still only leaving 30k to reinvest using a heloc...this is the part thats confusing me because everywhere else they're saying you would get 70% of the 110k which makes no sense...can anyone explain this process a little better?? Please.

Tomorrow I am looking at a package of 10 units spread through 5 homes. There is one triplex, 3 duplexes and a single family home for 320000 or so. Just looking for some advice on the non traditional terms we have come up with. 

single family home is rented for 750 per month plus utilities, duplexes are each rented for 625/month plus utilities, triplex is rented for 625/month. taxes are around 300 per month per house so 1500/month rental income will be 6375. home insurance runs around 80/month per house so 400 per month with a 10 year payoff no interest 10000 down. (this person is currently very sick with cancer and wants properties off his hands) that puts our payments around 3000 per month. that gives around 1475 "profit" which leaves rooms for repairs, etc. i have a full time job so this isnt my only income or anything also i have one rental so far which im going to sell rent to own and will make rougly 12000 off of that (rough property from county tax auction im selling for 20000 no interest) looking at this deal it looks like it will work out well however i love the advice of members here that are more experienced than me.

I guess maybe if i ask here what the best way to go about this is maybe that will help me...i've been looking at every angle and cannot figure this out...the only option that would work perfectly is seller financing which is hard to get in my area....so heres the situation maybe someone more experienced has ideas...

I already own one single family home which i'm renting out currently. This house is not appraised for much..i'm now looking to buy my second property which i'm hoping to be a duplex...

my credits not the best, my fiances is 710 or so. i already own a home so selling it and moving into a duplex is pretty much out of the question since i also have three children. we do not have monday for a 20% down payment. the terms on capital loans for investment properties are NOT GOOD. 20% down plus 6 months reserve for mortgage payments, taxes and home owners insurance plus closing costs....thats probably 15000 for a house were looking at thats 50000...and if you want to finance all of that with a personal loan the personal loan has to sit in an account for 2 months before you can use it for that...

I looked into home equity loans on the first rental i have however like i said it isnt appraised for much and the banks will only loan 50% LTV on investment property plus there are closing costs involved and again my credit isnt the greatest and that house is in my name...

I thought I had this figured out but how do people do this again??? please give any advice you have. maybe there are options I am missing currently. 

thank you!!! yes true on the fha. 

I am wondering what the normal amount of time the buyer must live in a home to buy it with a conventional mortage or FHA loan. My fiance and I are looking at a duplex. I own my home so we were wondering if he could move there and put the loan in just his name which may qualify him for an FHA loan....however were wondering how long he would have to "live" there???

yes all come with the turf. managment will be my hubby we only have two properties in total if i buy this one. we plan to use home equity from first property to pay for some of this property. of course that would mean another bill but less on the mortgage. i think i've viewed it from all angles. i'm hoping. thanks for your input!! vacancy of course is always a worry but i think priced at 650 for a spacious two bedroom that will go quick in our area if not lowering to 600 will sell it for sure!

tomorrow i will be looking at a rental property...a duplex in my hometown. its listed for 59000 putting the mortgage around 300 per month and the taxes added at around 300 a month again plus insurance would be an additional 80$ a month. this puts me at around 700$ per month in costs. each apartment could be rented for 650 plus utilities meaning around 1300 a month minues the 700 is 600$ a month in profits. i'm thinking its a good deal any thoughts?

okay so the rest of the fees dont have to be paid until the end of the course?