All Forum Posts by: Tuli Green

Hi Everyone.

I am looking to purchase my 1st rental with hats money just to close quickly (off market deal) my email is flooded with private and hard money lenders. I have 2 questions 1)How do I know which are legit? 2) does anyone know if I have a few lenders pull my credit will it show as 1 or many pulls negatively affecting my credit score? Thanks

 Thank you good to know

Hi BP Community,

was wondering if anyone has expertise on this, where is the best state to setup an LLC for an investment property? I just saw a youtube video claiming that if you don"t set it up in the state of the property then you wont be able to do evict a tenant in that state with an out of town LLC. does anyone know if that is true?

@Terri Wyzkoski thank you this is very helpful, have you done this in the past do you know which lenders would do this or if all lenders would do this

Thanks

@Eric James. Thank you I understand that it was just an example of getting it at 50% just to make my point across, even if I pay in cash and put in work how soon can I refi out

@Nathan G. Thank you do you know if there is a waiting period from when I buy till when I can refi out?

@Rick Martin

Thank you for your response, when you say that you typically need a 6-12 month seasoning period, are there banks that will give you a loan before that, also if I have to wait 6 months then I mind as well buy it with a loan and not cash, no?

Hi Everyone,

I am looking into buying my 1st rental property and my goal is to constantley get the money out and buy the next one, so my question is when you take a loan the bank usually requires you to put down 20-25% even if you are getting a great deal, so lets say I am purchasing a property valued at 200k but I am buying it for 100k the bank would only fund 75k, how long would I have to wait to refi and get the full 100k if not more out being that the value is really 200k and if they are willing to loan you 75% that should be 150k that I can get out, and is it quicker to pay the 100k in cash and then go to the bank and ask for a refi would that be an easier/quicker way of getting my money out.

Thank you

Hi Everyone,

I am looking into buying my 1st rental property and my goal is to constantley get the money out and buy the next one, so my question is when you take a loan the bank usually requires you to put down 20-25% even if you are getting a great deal, so lets say I am purchasing a property valued at 200k but I am buying it for 100k the bank would only fund 75k, how long would I have to wait to refi and get the full 100k if not more out being that the value is really 200k and if they are willing to loan you 75% that should be 150k that I can get out, and is it quicker to pay the 100k in cash and then go to the bank and ask for a refi would that be an easier/quicker way of getting my money out.

Thank you