Flipper/Rehabber · Union Springs, NY · Member since 2019 · 32 posts · 17 votes
Hello all, I purchased my first investment property about 2 months ago through a hard money loan and we are about 2 weeks from having it finished. I could just sell it, but my strategy is focused on holding when it makes sense - the numbers work out, so I am trying to find someone to help me refinance the property. I am located just outside of Auburn NY (between Syracuse and Rochester, the fingerlakes) and wanted to see if anyone knew if anyone had any advice or had any recommendations for lenders? Any similar experiences that they had to work through?
One issue is that I purchased the property in my LLC, so I'm sort of stuck with commercial loans by the sounds of it?
Another issue I keep running into is everyone keeps telling me the property is too "rural". Its about 10 minutes outside of a 26k population city. Its not huge I know, but there is demand out here.
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
2y
@Tim Braun thanks for the post. Have great memories of living in Rochester...kind of miss it sometimes. Now, the rural thing is only an issue with certain lenders. We just need you to speak with better lenders. Maybe I'm coming down to hard...but they make a business decision not to lend to us...so we need to make a business decision not to use them. Read this post HERE to see some strategies on finding good lenders. Feel free to post anything else as well. You will find a solution.
@Tim Braun thanks for the post. Have great memories of living in Rochester...kind of miss it sometimes. Now, the rural thing is only an issue with certain lenders. We just need you to speak with better lenders. Maybe I'm coming down to hard...but they make a business decision not to lend to us...so we need to make a business decision not to use them. Read this post HERE to see some strategies on finding good lenders. Feel free to post anything else as well. You will find a solution.
Thanks Andrew, that's what I was thinking too, I need to sell myself a little more. I don't have a ton of properties right now but I will eventually. Thank you for that link, I will read through that now.
Im from the Rochester Area originally and i do a lot of non hard money long term rental loans in NY and around the country now. I am licensed to do business in NY of course. I can't guarantee anything but I feel confident from what you have said. You should not be limited to Hard Money loans just because you are vested in an LLC. worst case I will give you the best advice possible. ;-)
Thanks for the reply Gary, I'll send you a PM so we can chat if you don't mind.
Hello all, I purchased my first investment property about 2 months ago through a hard money loan and we are about 2 weeks from having it finished. I could just sell it, but my strategy is focused on holding when it makes sense - the numbers work out, so I am trying to find someone to help me refinance the property. I am located just outside of Auburn NY (between Syracuse and Rochester, the fingerlakes) and wanted to see if anyone knew if anyone had any advice or had any recommendations for lenders? Any similar experiences that they had to work through?
One issue is that I purchased the property in my LLC, so I'm sort of stuck with commercial loans by the sounds of it?
Another issue I keep running into is everyone keeps telling me the property is too "rural". Its about 10 minutes outside of a 26k population city. Its not huge I know, but there is demand out here.
Hey Tim,
When you originally purchased it, did you have an appraisal done? Sometimes lenders will deem it too 'rural' but when push comes to shove, most will go off of what the actual appraisal calls it.
If the appraiser called it 'suburban' than you would be fine with most lenders.