All Forum Posts by: Yoni R.

@Joseph England Awesome post!

@Doe Song had asked this in a past comment and I had the same question about your rental properties. I have a hard time refinancing a rental property once I purchase it with cash since it is owned through an llc. Do you but your rental properties through an llc or your own name? if it is owned by an llc, how do you refinance it? My mortgage broker says I need to wait 12 months to refinance an llc and a HML wants %9+2 points! Do you also need to hold the property for a year before you can refinance? And if so how do you get around this problem?

I am looking for a portfolio lender and a good private lender in South Florida. Please let mw know if you have any good recommendations. Whoever sets me up I will be happy to invite you to lunch :-)

Thanks!

Originally posted by @Austin Fruechting:

Smaller local portfolio lenders are a great option for getting around the waiting period. I'm assuming your broker was saying that because he is working with conventional lenders. 

 So I guess that leads me to my next question. Does anyone know any good portfolio lenders in Florida?

Originally posted by @Chris Mason:

Originally posted by @Yoni R.:

I have a few new properties that I bought in cash and I wanted to refinance them now and roll the money into new properties. Pretty much the BRRR method. The only problem is that the mortgage broker that I am working with said that I have to wait a year before I can refinance them. Is this really the case?

To be more specific she said that I can refinance them now for 75% of the purchase price or wait a year and then I will be able to refinance them for 75% of the appraisal price. The other option is HML but they are asking for 9%+2 points at 75% of appraisal...

I would love to hear what our experienced BP members recommend doing? What is my best option? What should I do?

Thanks!

 Hi Yoni,

It's actually six months before you can use appraised value without restriction, not 12. But there may be overlays.

And in that first six months, using the 'delayed financing exception,' you can go right up to the purchase price in terms of loan amount, if and only if the appraised value puts that at the needed LTV (eg, you purchased all cash for $100k and the appraisal is at $140k). See above about overlays.

My properties are all investment properties in llc's. I was told that only if it is your primary residence it is 6 months. What do you think?

For example, one of my houses I purchased for $150k and will probably be appraised at $210k. So I am sure that the LTV will be ok.

If what you are saying is right then what should be my next move?

I have a few new properties that I bought in cash and I wanted to refinance them now and roll the money into new properties. Pretty much the BRRR method. The only problem is that the mortgage broker that I am working with said that I have to wait a year before I can refinance them. Is this really the case?

To be more specific she said that I can refinance them now for 75% of the purchase price or wait a year and then I will be able to refinance them for 75% of the appraisal price. The other option is HML but they are asking for 9%+2 points at 75% of appraisal...

I would love to hear what our experienced BP members recommend doing? What is my best option? What should I do?

Thanks!

Do you insure a SFH for vacant insurance while flipping it? If so what insurance agency do you use and what is the price?

I have a house around 200k that I am flipping right now and trying to understand what is usually done insurance wise. I have been told by a few people that most flippers don't insure their houses and take the chance.

Thanks!

@Keyonte Summers @Charlie MacPherson So what do you recommend always doing to the front of the house? Attached is a pic of a house I just purchased. What would you do for sure?

@Christian Wathne @Thomas S. Thanks guys for the input. So what do think I should do? Is the garage door idea a good one? This way it is legal and will still leave an option to use the carport as a room if the new buyer will want to. Turning the house from a 2 bedroom to a "3 bedroom", I am sure will make a big difference in the sale price. A friend of mine had done this to his garage and it came out great. Attached is a picture of the front of the house. If you have any other suggestions or ideas on what I should do please let me know. I would love to hear.

I’d like to start a discussion on what home buyers will look at first when buying a starter house. What are the things you always remodel and put your budget towards first? The bathroom? The kitchen? The floors? Windows? The front of the house? etc etc etc... What always catches the buyers eye and is important to them? How much do you usually pay for each thing? What is a must in your opinion? What isn’t important and you will leave as is?

I am rehabbing a house and want to turn the one car open carport into a 3rd bedroom. I spoke with quite a few contractors and friends in the business and was told that if I get a permit and use a contractor it will cost me between $10,000-$15,000. This is way over budget for me. So I need some good ideas from the experienced pro’s here. There are a few options: 1. Build the room without a permit and hope not to get caught. Will this make an issue when trying to sell the house? 2. Enclose the carport with a garage door and on the other side of the garage door put insulation and drywall. From the inside it will be a room but from the outside a garage. For the garage door no permit is needed. Do you think a potential buyer will frown upon this or as long as it looks good from inside that will be enough?