All Forum Posts by: Chaits J.

@Eli Schwartz : When you refinance, is the cash that can be pulled out capped at initial investment amount?

@Guifre Mora: when we are pulling the cash out vi refinance in 30 days, Is there a cap ( of acquisition amount) on amount that can be pulled out?

Thanks in advance!

@Guifre Mora

Thanks for your inputs. This suite was added almost 20 years ago and I see the addition recorded in township website. I am thinking of stopping by township office to do a permit search.I am hoping township to allow me to do a permit look up as a prospective buyer.

@Whitney Hutten : Thanks. So it will be refinanced as a single family unit. Yes, I am purchasing it all cash with a plan to refinance using delayed financing immediately after rehab or using conventional financing after 6 months seasoning period.

Old owners have been renting out for years now without any issues. So plan is to ride out the same way. Thanks for your inputs.

Hello All,

I am in the process of buying a Single Family home off market which has a mother in law suite with a separate entrance that allows us to rent the home as 2 units once purchase & rehab is done. This will be my first BRRRR deal so trying to be prepared fore refinance phase in advance. When time comes for refinace, will this be considered as a multi family or single family home? ( Township has it zoned as Single family home).

Thanks all in advance.

I am in a similar situation. Previous owner added a mother in law suite with separate entrance to the property and was renting it out. Does it make the property a duplex? Also what’s the best way to lookup permits for a property before purchasing? I am looking to purchase an off market property from a whole saler and would like to know about the permits filed. This is bucks county,PA. Thanks in advance.

@Lee Ripma

Thank you!!! Looks like that’s the path I will be taking for this property.

@Jerry Padilla

Thanks a lot. So if purchase with my personal cash( half from my savings and half from heloc of a rental property) on my name ( not LLC), I should be able to refinance in 6 months conventional. Can you please confirm.

@Brian Garrett : Thanks a ton for your response. Please see my questions.

"If you refinance with a conventional loan you're going to have 6 months of seasoning time": According to this if i buy the property on my name with $200K Purchase ( On HUD) and $40K on rehab, I will be able to refinance with a conventional loan after 6 months based on the ARV value at that time of refinance.

"If you go with a commercial/portfolio loan you won't have to wait but the rate/term will be less favorable.": Thanks for confirming that there is no seasoning period but will the refinance be on the ARV value but not the purchase cost ?

Sorry if my question wasn't clear. My question was about what is the best way to finance that 240K. And i asked to pick one of the 4 options. Fortunately i have an option to go all own cash but i do not want to use it if "Using Own Cash" increases the seasoning time and reduces the amount that i can pull out when time comes to refinance.