Have potential deal, need funding asap.

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Have potential deal, need funding asap.

Josh Duncan
Member since 2023 · 23 posts · 8 votes

Hello, I have 1 residential rental currently in my own personal name. I have just created my LLC a last week. I have an opportunity to purchase 2 homes that are side by side that need a little bit of work (minor stuff) for basically the price of one in my area. I feel these would make an excellent next move for me. Now I just need the funding......

Thanks. 

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Stacy RaskinBusiness Member
Lender · Member since 2022 · 1k+ posts · 500 votes
2y

You can get a fix and flip loan for an investment property with up to 90% of the purchase price and 100% of the rehab budget with up to 75% of the ARV. The borrower is coming in with only 10% of the down payment if approved. The number usually varies from 10-20% depending on credit score, property analysis, etc.

Some lenders will work with any level of investor experience, credit scores as low as 660 and can close in as little as 10 days (there are loan options for 640-660 credit scores- they require 20% down). Lender options vary by state. 

Another good thing is interest only and 6-24 month loan terms- you can refinance by selling or refinancing to a long term DSCR rental property loan at any time once you complete the rehab.

Happy to connect to discuss further.

[email protected]818-770-0340
Bright Skyline518 Reviews
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  • Devin PetersonBusiness Member
    Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 664 votes
    2y

    What type of funding exactly? Do you need to make any renovations or repairs? Or are you buying something more turn key and just seeking an investment loan?

    [email protected]860-538-3672
    ProAlpha Capital56 Reviews
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    0Reply
  • Josh Duncan
    OP
    Member since 2023 · 23 posts · 8 votes
    2y

    There will be some minor repairs needed on the property. LVP flooring, paint, etc.  Wouldn't take much to get it rent ready. 

    0Reply
  • Steve HiltabiddlePro Member
    Lender · Pennysylvania · Member since 2018 · 139 posts · 68 votes
    2y

    @Josh Duncan seems like a deal you should consider a long term conventional loan via a bank. Have you investigated a basic mortgage?

    0Reply
  • Josh Duncan
    OP
    Member since 2023 · 23 posts · 8 votes
    2y

    Not extensively, but still considering that to be an option. I'm working on a cash out refi on my current rental in order to secure down payment funds. 

    0Reply
  • Jacob Sherman
    12 Penns Trail Suite 138 Newtown, PA 18940 · Member since 2023 · 1k+ posts · 319 votes
    2y

    Are you looking for renovation loans ? 

    0Reply
  • Kristin Hess
    Lender · Member since 2024 · 5 posts · 1 vote
    2y

    I am here if you want to run by the scenario with me.

    Kristin  

    0Reply
  • Stacy RaskinBusiness Member
    Lender · Member since 2022 · 1k+ posts · 500 votes
    2y

    You can get a fix and flip loan for an investment property with up to 90% of the purchase price and 100% of the rehab budget with up to 75% of the ARV. The borrower is coming in with only 10% of the down payment if approved. The number usually varies from 10-20% depending on credit score, property analysis, etc.

    Some lenders will work with any level of investor experience, credit scores as low as 660 and can close in as little as 10 days (there are loan options for 640-660 credit scores- they require 20% down). Lender options vary by state. 

    Another good thing is interest only and 6-24 month loan terms- you can refinance by selling or refinancing to a long term DSCR rental property loan at any time once you complete the rehab.

    Happy to connect to discuss further.

    [email protected]818-770-0340
    Bright Skyline518 Reviews
    WebsiteView Page
    1Reply
  • Andrew Zamboroski
    Lender · Member since 2021 · 495 posts · 130 votes
    2y
    Quote from @Josh Duncan:

    Hello, I have 1 residential rental currently in my own personal name. I have just created my LLC a last week. I have an opportunity to purchase 2 homes that are side by side that need a little bit of work (minor stuff) for basically the price of one in my area. I feel these would make an excellent next move for me. Now I just need the funding......

    Thanks. 

    Stacy’s comment has a lot of excellent info! If you’re looking for funds to acquire and rehab, a fix and flip loan may be ideal. You could then sell or refinance at the higher after repair value. It sounds like you are already coming in with equity which is awesome, kudos to you there! If you want help or to discuss a fix and flip option, feel free to connect.
    0Reply
  • Robin SimonBusiness Member
    Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
    2y
    Quote from @Josh Duncan:

    Not extensively, but still considering that to be an option. I'm working on a cash out refi on my current rental in order to secure down payment funds. 


    Generally the line between needing a renovation loan product and a conventional/DSCR product is around $2,000 of deferred maintenance/updates needed just FYI

    [email protected]
    Harpoon Capital514 Reviews
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    0Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    2y
    Quote from @Josh Duncan:

    Hello, I have 1 residential rental currently in my own personal name. I have just created my LLC a last week. I have an opportunity to purchase 2 homes that are side by side that need a little bit of work (minor stuff) for basically the price of one in my area. I feel these would make an excellent next move for me. Now I just need the funding......

    Thanks. 


     Hey Josh, 

    Are the two homes on one parcel or two separate homes? What is the current zoning? How much in renovations? 

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
    0Reply
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