All Forum Posts by: Sewi Wawa

Wow, I really love this community. So many quick & thoughtful responses. You guys have helped tremendously, thanks!

Hi all! I am trying to do a cash-out refinance on my house that is completely paid off. The loan is in process, but in the mean time, my bank sent me an email asking me what I am planning to do with the money. I don't see why this is any of their business. The truth is that all of my assets are tied up in this house, and I'd like them to be liquid.

 I will be doing several things with that money including possibly investing into more real estate. Would they be scared that by investing into real estate, that I wouldn't be able to make my payments to them? Thanks for your help guys!

Wow, thanks for all of the fast replies! This is a very friendly & active community. 

@Rob: We are about to sell our second flip, and already created the LLC after some advice from our friend who is a tax advisor and accountant. So we were just trying to figure out a way to sell it to ourselves.

Thank you Rob, Javier, and Christian. I'm not sure why we didn't think of doing a refinance. But that is obviously the easiest and best choice. Thanks for saving us some time, energy and money!

My wife and I are wanting to buy and live in a cash-only REO house that is non-financeable , but pull our cash back out to keep flipping. The plan is to buy the Cash-only REO using our LLC, fix the health and safety issues in this home (which will then make it financeable), and then purchase the house with my approved 150k residential loan. So I would be buying my home from my wife & myself. To be clear: the goal is to be able to use my approved bank loan to purchase a cash-only property in order to get a good deal. Does anyone know if this is legit?