All Forum Posts by: Adrianna Harris

I think your issue lies in the fact that your rehab budget exceeds the properties purchase price. As a new investor, this is not usually the type of numbers you or your perspective lender wants to see. I would be looking for rehab projects that don't exceed 40% of the properties as is value. The numbers you presented would be looked at as high risk.

Also you are not looking for a DSCR loan, as these are long term loans. You want a short term rehab loan. I would find a good lender who is willing to walk you through these loan products so you fully understand what they are, how they work, and how to properly use them. @Adrianna Harris

Thank you so much for the response and knowledge!

I agree and will definitely do a better job next time.

0 Votes

Upstate New York, New York

Quote from @John Morelli:

Quote from @Adrianna Harris:

Hi everyone,

I am just starting my real estate journey and purchased my first investment property (duplex) in May 2022 in Buffalo New York. It was a complete rehab!

First lesson learned: RUN YOUR NUMBERS!!!!

ugh I did not do my due diligence on this one. I trusted my "investor friendly" agent when he told me that this would be a good deal. He is one recommended here on BP and I was so eager to get started that I jumped in without doing my homework properly.

Here are the number:

purchase price- $114

Rehab- $115

ARV: $260

Does anybody have any recommendations for lenders that will do 80% LTV fixed for 30 years (is that possible?) ?

I called one DSCR lender but they said they could only do 70% LTV.

any guidance would be appreciated.

Is the rehab completed and property ready for occupancy? Are you looking for cash out, or are you simply refinancing short term financing with permanent financing?

I purchased the property and funded the rehab with my personal money. The renovations are complete and it is being marketed for tenants now. So I am looking for permanent financing to pull my cash back out and hopefully invest in another property soon.

0 Votes

Upstate New York, New York

Quote from @Wesley Sherow:

@Adrianna Harris, I just stumbled upon a lender that *might* be able to do this one for 80% on a 30 year note. Nik Gak is a lender who mainly does the NYC area, but will delve into other markets if the investment is a good one. PM Me if you want contact info. Getting a deal done with him is tough as his firm is selective, but he does both the fix/flip lending, and the 30 year 80% note. I've also had a good experience with a particular broker if you don't want to go the lender route. Lev Capital seems very competent, and they take 1% as the broker. Might be worth it if they can find you the loan you're looking for. They're also pretty high tech, so they make putting files together pretty easy.

I'm not affiliated with either, but i've used both on my investment journey in the Capital Rei

Just sent you a message :)

0 Votes

Upstate New York, New York

Hi everyone,

I am just starting my real estate journey and purchased my first investment property (duplex) in May 2022 in Buffalo New York. It was a complete rehab!

First lesson learned: RUN YOUR NUMBERS!!!!

Here are the number:

purchase price- $114

Rehab- $115

ARV: $260

Does anybody have any recommendations for lenders that will do 80% LTV fixed for 30 years (is that possible?) ?

I called one DSCR lender but they said they could only do 70% LTV.

any guidance would be appreciated.

1 Vote

Upstate New York, New York

Hi 👋🏽@Mel Adamsand @Lance Trezona

I am definitely going to make the next one! It is time for me to step up my game and start networking 👏🏽

0 Votes

San Diego, California

All Forum Posts by: Adrianna Harris

Adrianna Harris has started 1 posts and replied 5 times.

Post: 80% LTV lender for Duplex

Post: 80% LTV lender for Duplex

Post: 80% LTV lender for Duplex

Post: 80% LTV lender for Duplex

Post: Ales & Assets REI Meet-Up