All Forum Posts by: Chris Bounds

Originally posted by @Andy Collins:

One thing that was mentioned that goes against my experience, you can refi based on the new appraised value only if you can show you have made upgrades to the house,

That may be true. My experience has always included a lot of repairs. If you're buying a house that literally needs zero repairs then you're probably better off going conventional route with a higher down payment.

@Lataya Spikes Yes, I have used [REMOVED] several times before. They may not be the cheapest place in town, but they are a very experienced hard money lending group with a lot of resources to help you with your deal whether it's rehabbing, wholesaling, or flipping as a rental. They have monthly free investor meetings that I recommend as well. Ask for Erick when you call in.

For the record, I have no ties to [REMOVED] other than being a customer.

Good to know - thanks!

Congrats on the milestone! I am frequently recommending BP podcasts. Keep up the great work!

Abel Vazquez I personally consider HM cash. It's just not my cash. I'd say 95% of "cash buyers" are really using HM or other private funds. I know what my HM company likes though so I'm comfortable knowing my funding is secure. Having an inspection clause just in case it doesn't work out with the HM lender is a good idea. Worst case, try and wholesale it to another investor!

Jon Holdman seasoning is needed for cash out but not for a clean refi. Technically if no repairs are needed you can file the refi a few days after the initial closing. [REMOVED] here in Houston has a great "Temp-to-perm" program for investors that follows that strategy.

Oops. Note to Admin. Joshua Dorkin Using the iPhone app when clicking reply again it looked like I was editing my first comment but it actually posted the entire message again.

Yes you can refinance immediately after repairs (if any) are completed to bring it to ARV. You can refinance up to 75% ARV so if you bought the house cheap enough you can refinance with little to no out of pocket costs. The downside to this is paying closing costs twice. As long as you factor that into your costs when you buy it's a good strategy to use though. Be sure to find a good mortgage broker that understands this strategy before you buy. Your hard money lender should have referrals. Also, generally speaking using hard money can be considered cash but technically it's an asset based loan. Most sellers won't have an issue with it, especially with a pre-qual letter.

I'm interested.

Updated! Click to view the Postlets Flyer.

Golfcrest Apartments

3045 Golfcrest Blvd., Houston, TX 77087

1BR/1BA Multi-Family, 29 units Offered at $869,000
Year Built 1955 Sq Footage 17,400 Bedrooms 1 Bathrooms 1 full Floors 2 Parking Uncovered Lot Size 27,219 sqft

This Class C property consists of 29 one bed / one bath units in two 2-story buildings located in the Gulfgate area off 45 South and 610 - a very HOT area for investors. Most apartments in the area stay 100% occupied. 21 units have been completely remodeled. The 2 vacant units need about $5k of rehab each. There are 3 W/D hookups in the boiler room for coin laundry machines. Managed by tenant. Great cash flow property with upside! Occupancy: 93% Cap Rate: 11% Current GOI: $169,241 Proforma GOI: $179,945 Proforma Value: $1.3M+ at 8% Cap Rate. Financials available upon request. Serious inquiries only please. Drive by, but do not disturb tenants.