All Forum Posts by: Zimean Vickers

@Joe Splitrock Origination $1350

Appraisal $475

Title Lenders $342

Title Settlement Agent $1300

Record fee $100

Transfer taxes $504

Prepay Ins $175

Escrow $1014

Title Owner $377

I forgot to say the rentals are paid off.

Hi everyone I need help. What are the pros and cons to Cash out refi? How do you make your money or credit make you money? What should I be aware of? What would you do? The goal is to create income.

I have 2 rentals $1600 per month $394k value needs $5k repair, $1100 per month $252k value needs 10k repair, $215k loan on primary value is $387k.

Credit Union approved (just with w2 & rental income) $90k with $85k after fees 20yr fixed $600 per month to include insurance and taxes on the home valued at $252k rental BUT I have not signed yet bc I am unsure if it's the right thing to do. I want to buy more rentals, do repairs, and help my husband start his trucking business. I was going to do the line of credit but didn't bc I only get $55k and it will hurt my utilization bc I would most likely use it all. I need the money to create me income. I want to be cash ready for a deal. I don't want the $600 extra bill. I have no idea what to do that's why I haven't signed. I don't want to loose the opportunity of getting the money but I want the money to make me money. This opportunity may not be available in the future bc the credit union doesn't use credit score to qualify you just payment history and DTI

Thanks for all your help.

@Will Barnard Thank you for your help. I'm new at this so I'm not sure what type of loan I need... I just know I would like the lowest interest rate- Any suggestions? Thank you for letting me know I need to apply for my rehab loan before doing any rehab work or demo- I didn't know this. @Lora Salter thanks for the advice I need all I can get. I never heard of SIPs I will look it up on YouTube so I can better understand it. @Jay M. Thanks for the spreadsheet idea- I'm doing it along with getting a couple of contractors out to give me prices. @Jim Adrian sounds like I may not be as bad off as I am assuming... I will keep you all posted. Now I am on the search for contractors

@Jim Adrian Thank you Jim. I was thinking it's a total gut bc the cost of replace the rotten siding, roof, ac/heat, plumbing, a kitchen, bathroom, and new windows, floors and paint would add to what it would cost to build new for about $100k-$150... Looks like I may have misspoke and need some education on rehabbing this 1200 sqft 3/1 😊 If I can save money by saving as much as possible. I need a honest contractor

@Will Barnard ok, thank you. I heard a wholesaler say the same thing that his investors do a total gut and try not to tear down.. At what point do I apply for a loan before or after the gut? I need to finance the rebuilt.. Should have contractors come to give me prices, then go to the back for a remodel or home improvement loan?..I need all the help I can get 😊

I'm a newbie...Trying to get info on the pros and cons of each.

Bought a home that is inhabitable. Is it best to do a total gut or tear down and rebuild? Bought the home with cash...My next step will be financed-Need help with that too. My plan is to hold it...I have not reached out to any contractors yet.. Thanks guys for your help

@Shelby Ek Hi, Do you think it was all worth it in the end? What was the time frame?..Start/Apply for the loan to Finish/Clossing? I'm looking at what my options could be for financing a rehab...Thanks

Oh wow! You all are awesome- Thank you so much for all your help. This information is priceless and greatly appreciated.  I feel like I have the support of a community with a wealth of information to help with the success in my journey... 

I'm getting started this morning to seek all the options you guys listed- advantages and disadvantages. I will keep you posted...I hope you all have a day of success. Thanks