All Forum Posts by: Varma Adduri

Thanks Ryan D. and Jay Hinrichs Is it true that the unit has to be rented out for a certain period to do cash out REFI? Or in this case, since my wife doesn't have any loans, she can do it right away? Yes, she will qualify for loan.

You can use but the cash on cash returns should outperform your interest rate. However it's highly unlikely to get hard money lenders to loan on rentals. They generally prefer rehabs/flips

Thanks for the post. Helps us

Yes. It's a bank offered service. Western Union also does that.

Thanks Ryan. I can buy it in my wife's name but the only problem is, it is a cash only price. Just trying to avoid a chunk of cash getting stuck in one deal

Hi, I am looking at buying a beaten up house for cash to fix it up. I have mortgage on 3 houses and HELOC on one for them. So getting a new conventional loan is doubtful. With the house I was referring to, let's say my purchase price + rehab = 190k and the ARV is 230k. Can I sell it to my wife (she has a different last name with no loans in her name) and get a loan for 230k so that I can take my money out + profit for my next deal. Is it legal to sell it to my wife just to get the loan? I can do BRRRR but I assume I have to show 9 months rent to get refinancing. Please advise

From my country there is an option for 'repatriation'. It is essentially a wire transfer. Can't expect the same exchange transfer as sending money to your country. When you transfer back the rates are generally low

Thank you Percy. I checked and it's a REO. The bank has possession. I will submit an offer and see. I will at least learn a lot during the process

Thank you. I loved the part "Do not be eager. Be patient". That is so true. About this house, I am not sure if it's a REO. There is no auction on it yet. I got the foreclosure estimate from Zillow. I have been looking at this area from some time and I am confident that ARV is around 220k. I am looking for financing on this. So, per your advice, look at the properties, get a bid on rehab and try it anyways?

Amazing tip. Especially for a person like me looking to do out of state buy and holds