All Forum Posts by: Rafael Norat

Welcome Cardwell! Great place to be. What are your plans going forward?

Welcome Mukul.. And I'm sure you'll do well. Great community here. Plenty of good people to network with..

Hey Marty,

Wecome! Are you working here in the NJ area? Plenty of people to give great advise here. Try to also catch the podcasts whenever you can. Nice time to pass on the road..

Kinjal,

Are your intentions to rent long term? Sell? Occupy?

Andrew, Would you request the "as complete appraisal" at the time of purchase? Or is this done aside from the normal appraisal?

Wayne: Thanks for the reply.

Brainstorming a bit and wanted to get your opinion if possible.

Issue: Want to buy property for buy and hold, but will also consider fix and flip if it makes sense. I qualify for conventional 20% down mortgages on properties of interest, but fall short on the 20% down payment.

Possible Acquisition Strategy: Use short-term, non-conventional funding to acquire the property and cover repair costs. Upon completion of repairs, I’d sell the property if it makes sense. If not, I’d seek a 20% down conventional mortgage for the ARV and use the established equity to cover the 20% down payment costs.

Is this feasible? From what I've read, it seems as if there are potential time restrictions in refinancing dependent on the loan establishment. At this point, just trying to address whether or not the established equity can be use to fund the down payment on the long-term loan.

Thanks..

Welcome, Steve! And best wishes.. This forum is truely a great place to learn and network.

Hey Amanda. Welcome! Plenty of Jersey folks here, as well as great help from everyone. Take your time to read through article, posts, listen to all the podcasts, and take in different viewpoints. Great place to learn and network.

Twanna,

I would imagine you can, as a house I bought last year in NJ involved a NY closing attorney. But, I'll wait for others to chime in..

Welcome!