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Updated about 1 month ago on . Most recent reply

Advice on Pittsburgh Lenders for Cash Out
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.
Most Popular Reply

@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
