All Forum Posts by: Tarik Turner
Tarik Turner has started 12 posts and replied 1069 times.
Post: Need Finacing stratagey help
- Lender
- Hackensack, NJ
- Posts 1,166
- Votes 371
Is there rehab needed on the property ? if so what is the ARV? and Rehab costs
Post: How fast can you get a cash out refi after renovations?
- Lender
- Hackensack, NJ
- Posts 1,166
- Votes 371
Differs from lender to lender some have a 6 month seasoning period some 1 year. But there are a few that can do it in as little as 30 days
just make sure that the lender that you choose is basing the loan off of the appraised value not the purchase price plus documented improvements
Post: Scored a deal—what next?
- Lender
- Hackensack, NJ
- Posts 1,166
- Votes 371
You can transfer the property into the LLC at the closing for your refi. Just advise your lender on how title will be held submit the proper documents and the title company and Lender can take care of the rest
Post: Conventional Rate & Term Refinancing, With No Seasoning Period.
- Lender
- Hackensack, NJ
- Posts 1,166
- Votes 371
Short answer to your question is yes you can
Originally posted by @Dakota Adney:
@Jerry Padilla. I have a similar situation to @Kumar Paj above: I recently acquired a property with hard money for $88K in June 2019 and put $15K into rehab. It is now July 2019 and the appraised value is $130K. If my property has a lien on it from the hard money, could I do a rate and term refi and can I get 75% of $130K?
Post: Refi title issues and seasoning
- Lender
- Hackensack, NJ
- Posts 1,166
- Votes 371
Why not just refi it under the same entity? I guess I am asking what is your reasoning for changing entities?
Post: LLC cash out refi rates
- Lender
- Hackensack, NJ
- Posts 1,166
- Votes 371
You can get a 30 year fixed as well but the rates will be in the 6% to 7% range for the most part
Post: How would you fund the debt on this deal?
- Lender
- Hackensack, NJ
- Posts 1,166
- Votes 371
You should be able to get a portfolio loan at 75% to 80% ltv on the purchase
Post: Refi from ARM to fixed with LLC
- Lender
- Hackensack, NJ
- Posts 1,166
- Votes 371
Yes it can get done for sure
Post: Cash Out Refinance Process
- Lender
- Hackensack, NJ
- Posts 1,166
- Votes 371
To get maximum value wait until it is rented out.
Also refis on vacant Properties tend to have higher rates
Post: Best way to obtain financing to fix a gutted home??
- Lender
- Hackensack, NJ
- Posts 1,166
- Votes 371
What is the property value and how much would you need for construction?