How to Gain Traction

[Anthony Martin]

Hello Pittsburgh BP Community,

I am currently at the refinance stage of my current BRRRR and want to repeat the process as soon as possible. What I am finding difficult is trying to scale my business with the limited money that I have. Since the projects that I'm able to BRRRR are typically less than $75,000, I'm finding a lot of lenders are just ghosting me. My credit isn't the best but it isn't the worst either. I hear stories of people working at Mcdonald's and getting 100 units a year, but it seems I can't get 10 with a $100,000+ salary. What am I missing or doing wrong?

[David Lee Hall, III]

Talk to:

Main Street bank in wheeling 

Somerset Trust 

Riverview Mortgage Corp in Akron

Main Street has no minimum- 20yr note at up to 85%. I have personally used them.
Somerset one of my friends use, no clue terms.

Riverview I have chatted with at Local REIA meetings. They specialize in Rust Belt Rental lending - I believe down to 25k. They are a family business not large lender.

If you go to REIA or Acre or even SWIG there are local bankers, brokers, and lenders there pretty much every month specializing in just about any niche- and they are all local and know the market.
Additionally you meet folks with money. I got an 8yr amortized loan from one recently for acquisition and rehab on a sub 50k house.

If you are running into a stone wall with sub 75k and sub 100k cutoffs you need to expand your conversations to other avenues.

I also know several people in the area use S&T and get portfolio loans from them. So that is 7 options you can use to refinance.

Also, if that is your focus, David Greene mentions this sometimes, get the exist financing FIRST before even buying a deal. Keeps you from getting caught with your pants down.