Who do you use to Refinance your BRRRR properties in Nevada?

5 Replies

Good Afternoon fellow investors, 

as the title says i`m having a hard time finding a lender willing to refinance my investment Properties (SFH) in Las Vegas.

Until now, we used lendinghome, as we did two live in flips, but i would love to find a lender i can use regularly (preferably someone who does asset based lending)

Thanks in advance for your feedback!

Hey @Stephan Kraus when you say you're having a hard time finding a lender willing to refi, what are the roadblocks? Can you help us understand why the lenders you've tried are not interested?

And for SFR's you're not likely to find a lender that will do asset-based lending, unless you have a portfolio of them that you could do a blanket loan on.

Originally posted by @Marty True :

Hey @Stephan Kraus when you say you're having a hard time finding a lender willing to refi, what are the roadblocks? Can you help us understand why the lenders you've tried are not interested?

And for SFR's you're not likely to find a lender that will do asset-based lending, unless you have a portfolio of them that you could do a blanket loan on.

Hey Marty, my major roadblock is our taxable income, W2 income declined compared to the previous year (wife out of work due to baby and starting of an additional business), we took a lot of deductions for 2018 tax return and the income from those deductions will only be on the 2019 return. 

I only have three (great cash flowing) properties right now, I'm afraid that's not enough for a portfolio loan just yet 

@Stephan Kraus yeah, that's one of the main reasons i only invest in commercial assets - because of my aggressive tax strategies, I look bad on paper for personal income.

What is your goal with the refi? Better rate? Better (lower) payment? Cash out? Longer term (due to short term ending with Lending Home)?

What might be possible, to get into asset-based lending, would be to consolidate all three properties under a single LLC and try to get a commercial loan with a local Vegas bank (not a credit union but a small, local bank).

Originally posted by @Marty True :

@Stephan Kraus yeah, that's one of the main reasons i only invest in commercial assets - because of my aggressive tax strategies, I look bad on paper for personal income.

What is your goal with the refi? Better rate? Better (lower) payment? Cash out? Longer term (due to short term ending with Lending Home)?

What might be possible, to get into asset-based lending, would be to consolidate all three properties under a single LLC and try to get a commercial loan with a local Vegas bank (not a credit union but a small, local bank).

Yeah, I think we did not do us a favor with the tax strategy this year, i focused on our new business (motorhome rental) and finishing the BRRRR instead of doing more W2 work for my employer.

We would like to get access to some of the equity in the properties to get funds for the next purchase, I tried a HELOC but got turned down due to not acceptance of our STR income (even though my insurance clients do longer rentals then month-to-month).

I only owe 60% on 880k of property and would love to bump that number to 75%-80% :D 

Might have to wait until 2019 tax return is due, and I'm not really great at waiting :(

Appreciate the input on the LLC and local banks, going to make a few phone calls on that, as that has been on my mind for a while too! Do you invest in Las Vegas too?

Yes, I invest in Vegas and South Florida.

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