I am a homeowner/investor with the following situation…
I bought and closed on a house in Detroit, MI, December 14,2005 (3 months ago). I bought the house for 138k with a 80/20, seller forgiven, therefore financing 110k. I just had an appraisal @ 145k. I am looking to pull about 20-25k out to flip into other properties and pay off any other existing bills. Would I be able to use the original purchase price without having another appraisal? Any type of loan would be fine, (heloc, int only, etc).
But here’s where it gets tricky.
I would like to use the docs of the title company I closed with, back in December, because the city of Detroit is very slow on recording deeds. The property has not been recorded in my name from the investor I bought the property from, back in December, but we always use the same title company, so that deals that we flip to other investors will move quickly. Would this be a problem? I would also like to close as soon as possible (7 days?)
Also, the broker I have been using, to refi this home, is not a very good one, and I am soliciting those that can help me. I could have/should have been able to close on 3-4 investment properties in the last 3 months. But because of her negligence and failure to communicate with me has left a sour taste in my mouth. I would like to work with a broker/lender that can move expeditiously and professionally. Where I don’t have to pre-qualify for every deal that I try to do. I cross many deals and would like to secure them as soon as I have checked their worth. Most range in the 25-45% below market value range, with some having even greater returns. I should mention that I am also a licensed realtor. I would like to start an LLC to help with liability.
When last checked (3/6/06/) myfico.com reported my scores as TU-643/EQ-651/EX-631. I can go stated/full doc as well. I don’t have a problem with hard money (as far as future investments go, not with the refi mentioned above). As long as I know the terms upfront, I’m with it. Feel free to contact me.
Let me know if you’re the “Chosen One”.
Thanks in advance,