Refinancing my BRRRR

[Richard Moreno]

I'm having issues with refinancing my property in Pittsburgh, I currently own 2 SF properties in Pittsburgh, I paid for them in cash in December.  I recently refinanced 1 house and it was with a private lender which only gave me 65% of appraised value and at 8%,, ouch. I needed my money back for a purchase of a 3 family in RI. The problems I am having is as follows

First the seasoning period, at least 6 months, ok I can wait till June, that's fine. next because I own it with an LLC ! I need 1 to 2 years rental history!! Nobody mentions this issue. So I would have to transfer it to my name, I don't want to do that! Some banks only want to do a loan off the purchase price, I only paid $30k for this house but it should be worth $120k, excuse me for getting a good deal!

These are the details: Bought the house in December, bank owned for $30k I spent about $23k for renovations. I have it leased for $950 a month. The house is located in Observatory hill, Pittsburgh, PA. I would say its worth around $110k to $120k ( that area is really hot right now! ) The house is under a LLC and I live in Boston. I would like 65-70% appraised value and 30 year fixed rate mortgage, my credit has dropped a little recently because of all my credit activities.

Any recommendations would be appreciated !                                                             

[Nick Watkins]

Go to a commercial lender WOW 8% crazy. get on the phone with a few local banks and this should work itself out.