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Updated about 1 year ago on . Most recent reply

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Jeremy Porter
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How to get cash out of a property you bought 3 months ago for cash.

Jeremy Porter
Posted

I have a condo I recently acquired that I own outright. I am wanting to pull cash out of it. My issue I am running into is I recently switched into real estate full time so I do not have a w2. My credit is good/excellent. I am wanting to just pull 100k out and it should appraise for 140-155k. Part of the issue I am experience is a DSCR company I spoke to will only give what I acquired the property for plus the rehab cast. I acquired the property in a unique via trade of a different property I owned.

Does anyone have a solution?

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Patrick Roberts
#3 Private Lending & Conventional Mortgage Advice Contributor
  • Lender
  • Charleston, SC
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Patrick Roberts
#3 Private Lending & Conventional Mortgage Advice Contributor
  • Lender
  • Charleston, SC
Replied
Quote from @Jeremy Porter:

dscr told me i can only get what property purchase price plus rehab and not 70-80% of appraisal. 


DSCR products are not universally the same. Different investors back different products and have varying overlays. Talk to a few different lenders. Someone will likely not have an overlay like what you're referring to, but min loan size may be an issue. Most DSCRs will be at/below 75% LTV, and very few will go below $100k loan size. Other variables will be income coverage, your experience and FICO, the market, and the property type.

  • Patrick Roberts
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Patrick Roberts - MLO - Assurance Financial
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