Ruralish Rental near Telluride for refi

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Ruralish Rental near Telluride for refi

Rodney G.
Investor · CO · Member since 2017 · 8 posts · 1 vote

I wouldn't post this but rural lenders are difficult. 

Property is off a cistern and certified spring. Has propane and electricity. Year round access although 4wd is needed in Winter even though it's plowed. 

Just off of highway 62 between Telluride and Ridgeway. Used hard money and have finished remodeling. Bought for  $430k for 3200 sf and 40 acres. Three rentals on property. We have a lot of interest and expect 4k a month but haven't signed any leases yet. 

We've had it for one month and would like to refi it. I expect it'll appraise around $650k. Would love to refi cashout on appraisal but I know that isn't likely. Refi off purchase is good enough.

Me
120k yearly
740ish fico

Thanks in advance for any suggestions or upgrades I can make to the property. and

Thanks in Advance

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Mark Simpson
Real Estate Agent · Telluride, CO · Member since 2015 · 15 posts · 12 votes
6y

Rodney, impressive work with the discount off list price...they were tired obviously, way to snatch it up!  I suspect Alpine or Community Banks are your best local chances, but based on my experience definitely will have to go on purchase price, and if not owner occupied Alpine might only do 65%.  Obviously won't know til you ask.  I suspect to use appraisal value you'll have to wait at least 12 months and have several months of it tenanted.

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  • Andrew PostellPro Member
    Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
    6y

    @Rodney G. I can't tell what state you actually live in but you certainly need some local help on this one.  I'll make a suggestion here but just in case others are researching this topic this is why we get prequalified first.  We need a loan before we make a decision just in case.  Now, how to find a lender that can help you:

    1. Post in the Bigger Pockets STATE forum that you are looking in. There are usually some good, local investors that monitor those forums. Maybe they already have a suggestion or recommendation for you? Certainly try there.
    2. Visit your local REI groups. There are many groups that meet across the country. Some post here on the Bigger Pockets Marketplace. Many post on meetup.com. Networking is always a great practice and you never know who you might meet there and what good information they have to share. Would certainly recommend visiting if one is close to you.

    Hope this helps.

    0Reply
  • Jared RineBusiness Member
    Lender · Sacramento, CA · Member since 2009 · 1k+ posts · 277 votes
    6y

    @Rodney G....are there comps or similar properties to support?  I think that's the biggest thing - is a lender that could possibly do this going to get value?  Did you buy for $430k cash?  If you've only owned it for 30 days or so, how or why were you given such a good deal?  How much was rehab?  There's a lot here that's missing for anyone to give you some really good feedback.  Being in Telluride, obviously that's in CO ski terrain which is why I'm assuming the solid interest.  What type of terms are you looking for?  Feel free to PM. Thanks,

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  • Mark Simpson
    Real Estate Agent · Telluride, CO · Member since 2015 · 15 posts · 12 votes
    6y

    Rodney, impressive work with the discount off list price...they were tired obviously, way to snatch it up!  I suspect Alpine or Community Banks are your best local chances, but based on my experience definitely will have to go on purchase price, and if not owner occupied Alpine might only do 65%.  Obviously won't know til you ask.  I suspect to use appraisal value you'll have to wait at least 12 months and have several months of it tenanted.

    1Reply
  • Rodney G.
    OP
    Investor · CO · Member since 2017 · 8 posts · 1 vote
    6y

    Thank you Mark and everyone for your replies. I've pretty much taken care of the financing since I posted this. Even though I've listened to the podcast for years I'm still newer to the forums and where to post things. Sorry should of taken my time and looked a bit longer.  

    Mark maybe if we ever meet I'll tell you the 1.5 year long story on this house and all the drama involved with it. I should probably write it all down before I forget.  If you happen to know of a good shower tile guy I'd love his number. I talked to one guy and he wants to be paid upfront...  

    Any idea how I delete this post?

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  • Scott Elkins
    Real Estate Broker · Telluride co · Member since 2016 · 50 posts · 20 votes
    6y

    Mark you guys should meet up, love to hear about it. Did you get normal financing or hard?

    Where is it? Hastings? Horsefly? rentals are tough in the winter( (snow plow costs etc). also make sure the cistern is big enough for draws by 3-4 tenants that "don't care" and use water!!!

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  • Rodney G.
    OP
    Investor · CO · Member since 2017 · 8 posts · 1 vote
    4y

    Sorry, I don't do much with the forums. I am trying to change that though. I ended up going through a combination of Timberline bank and Vectra bank in Montrose. Alpine and Citizen wouldn't touch it. It's the old Ski Dallas ski hill. 

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