All Forum Posts by: Tarik Turner
Tarik Turner has started 12 posts and replied 1069 times.
Post: Financing 18 Unit Portfolio Purchase - Need advice quickly!
- Lender
- Hackensack, NJ
- Posts 1,166
- Votes 371
you may have to elaborate more on your current financial situation in order to receive proper Assistance
But typically most Lenders will loan between 70% to 80% ltv on a portfolio of properties
Post: Funding Options to Substantially Rehab a Property I Already Own
- Lender
- Hackensack, NJ
- Posts 1,166
- Votes 371
****Depending on the numbers A BPO based refi may allow you to get into a short term 12 month loan with no pre pay and at a rate of around 8% to 9% using the funds to pay off the original loan amount and give you cash to get the rehab going.. Again that plan only works depending on the numbers.. Also I'm pretty sure if you stick with the same lending company for the long term refi then there would be an underwriting discount
New roof, windows and doors in place, no structural issues. Fortunately, the property is in excellent stable condition and can sit until I'm ready to work on it with no appreciable deterioration.
Post: 60k in savings in Miami FL and trying to figure out my next move
- Lender
- Hackensack, NJ
- Posts 1,166
- Votes 371
You can also apply for a stated income portfolio loan and use the 60K as your down payment rates would be cheaper than hard money
Post: Funding Options to Substantially Rehab a Property I Already Own
- Lender
- Hackensack, NJ
- Posts 1,166
- Votes 371
What is the current condition of the property. Is it at least sealed off? (windows doors and roof in place )⅞
Post: Construction Loan then Refinance as Rental
- Lender
- Hackensack, NJ
- Posts 1,166
- Votes 371
The first question most Lenders will want to know is do you have any ground up construction experience or any experience with extensive rehab budgets. Typical Max offer on ground up construction would be around 60% of the ARV
Post: Unique finance issues with flipping
- Lender
- Hackensack, NJ
- Posts 1,166
- Votes 371
you still maybe able to refi out into a short term loan and take out enough equity to finish the property and make the payments
Post: Seller wants cash offer, is hard money the solution?
- Lender
- Hackensack, NJ
- Posts 1,166
- Votes 371
The manufactured home aspect of the property would make it a no go for certain lenders however shop around.. There is always someone willing to do the loan if it makes sense.. But I would shop around first
Post: Buying my first rental with my LLC
- Lender
- Hackensack, NJ
- Posts 1,166
- Votes 371
What type of investment are you looking at? That will determine your down payment amount.
Also you can get a loan under a new LLC however each member of the LLC may have to qualify for the loan from a credit stand point if there is a borrower who doesn't qualify for whatever reason you still may be able to get a loan depending on the lender but said borrower will have to write an acknowledgement letter and will not be allowed to be on the loan for the property.
Post: BRRRR-Friendly Banks in Maryland
- Lender
- Hackensack, NJ
- Posts 1,166
- Votes 371
That shouldn't be an issue at all. What are your property values?
Post: Challenges with financing more than 6 rentals
- Lender
- Hackensack, NJ
- Posts 1,166
- Votes 371
You can always refi using a portfolio lender rates are typically between 6% to 7.5% sometimes higher depending on the lender (typically buydown options are available as well)