Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
BRRRR - Buy, Rehab, Rent, Refinance, Repeat
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 1 month ago on . Most recent reply

User Stats

22
Posts
12
Votes
Sharon McCants
12
Votes |
22
Posts

Advice on Pittsburgh Lenders for Cash Out

Sharon McCants
Posted

Hi, This is my first BRRR investment deal with two partners/family members (LLC), and I'd like some advice from experienced investors. We are 8 months into our first property and would like to cash out to make other individual investments instead of the initial plan to buy additional property. The property is a cash purchase (each put in $13,500 for a total of $40,500), and we borrowed money for the repairs and the balance is approximately $10k. The property was appraised last August after repairs for $58,500. The property is currently rented for $1200/month, with a consistent tenant.


We're looking to get about $50k, to get our investment out and pay off the repair loan. Can anyone share what's required for a loan when you have an LLC? Does credit play a factor? This is our first business venture so no established credit. Would the house as collateral be enough for a lender? Should we try small local Pittsburgh lenders or our business bank, PNC?

Lastly, only one partner really wants to cash out, so does any other scenarios work here? Any additional advice is appreciated.

  • Sharon McCants
  • Most Popular Reply

    User Stats

    797
    Posts
    609
    Votes
    Jeremy Taggart
    • Real Estate Agent
    • Pittsburgh, PA
    609
    Votes |
    797
    Posts
    Jeremy Taggart
    • Real Estate Agent
    • Pittsburgh, PA
    Replied

    @Sharon McCants $58,500 value seems low for that amount of rent. I feel like you are probably higher on that now. How many bedrooms is this house and where is it located?

    Idk if you are wanting to purchase any more, but you could likely use that first one to combine on the same loan with another one and use the equity as the "down payment" to get you to a higher loan amount and give you more options.

    There are some local lenders here that can likely lend on it though regardless under 100k I could refer you to. Just sometimes doesn't make a ton of sense to do loans under 100k since the fees are a much larger % of the loan amount compared to higher loan amounts it's almost doesn't make it worth it in a lot of cases. 

    • Jeremy Taggart
    business profile image
    DHRE- The Jeremy Taggart Team
    5.0 stars
    68 Reviews

    Loading replies...