Credit is maxed out, need helping finding cash out

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Credit is maxed out, need helping finding cash out

Wakwanza Ja
Member since 2019 · 5 posts · 2 votes

Looking for section 8 tenant for my first BRRRR buy that I used hard money loan for, so thus I need a cash out refi loan to pull out to pay off and get construction only loan I paid all cash for and will turn a 3/1 into a 4/2. Anyone know of where I can go to do cash out refi if that's best or any other suggestions?

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  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    2y

    I am a little confused on your scenario. Is the current property free and clear? Is it distressed? Are you looking for a construction loan to build on there? Or just a simple cash out?

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  • Simmy AhluwaliaPro Member
    Lender · Atlanta, GA · Member since 2015 · 1k+ posts · 200 votes
    2y

    How will you pull cash-out if you have not yet improved the property and already turned into a 4/2?

    0Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    2y

    @Wakwanza Ja

    You stated you used a hard money loan then used all cash

    If you have a hard money loan did that not include any construction portion?

    Can you be more specific with the situation and how much and what you need?

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  • Wakwanza Ja
    OP
    Member since 2019 · 5 posts · 2 votes
    2y

    Sorry for late response, I did use hard money, that I used for loan on amount and cost of rehab on home#1  AND for full cost for home#2 

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  • Wakwanza Ja
    OP
    Member since 2019 · 5 posts · 2 votes
    2y

    I need a $40k loan for home#2 

    and I just about have a tenant for home#1

    0Reply
  • Wakwanza Ja
    OP
    Member since 2019 · 5 posts · 2 votes
    2y

    Sorry for late response, I did use hard money, that I used for loan on amount and cost of rehab on home#1  AND for for home#2 I paid all cash so I'm free and clear on it but I need money to rehab it.

    0Reply
  • Maria Eloisa Panciles
    Lender · Member since 2024 · 10 posts · 0 votes
    2y

    Hi Wakwanza, do you still need help with Refinancing? 

    0Reply
  • Wakwanza Ja
    OP
    Member since 2019 · 5 posts · 2 votes
    2y

    Yes call me 404-838-9389

    Sometime after tomorrow's fed rate decision I want to make a move

    Ja

    1Reply
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