All Forum Posts by: AJ Exner

@Staphon Smith,

Great area to invest, I have a few clients that do some good work down there, and being from AR originally myself, it is a good area to look into.

You definitely want to keep an eye on areas where the comps are going to provide a healthy cash flow. Are you wanting to do any fixing (through BRRRR) or just strictly buy and hold? If you do buy and hold, keep an eye on minimum loan amounts because I know that there are some cheaper properties that might keep some lenders from wanting to lend in that area.

Good luck! Happy to help where I can.

Hey Ashley,

Some great recommendations already for sure. If you went with the 'delayed financing' then you could recoup even more than 75% of the initial purchase price along with some rehab funds if that is something you are looking to do with the property.

If you go cash on both the purchase and the rehab, then you could go with a refinance either on the unseasoned cost. Or if you keep track of the rehab you do, then I know of one lender doing ARV-based refinances before 90 days. As well, there is another group doing it at 90 if you wanted to wait that long.

You could also "double dip" in the sense of a delayed purchase/rehab to recoup funds, get rehab reimbursed, and then refinance at 90 days at the new ARV and maintain most of your liquidity throughout. Going this route does incur additional closing costs, but you would maintain most of your funds throughout the process.

Sent you a DM, would love to see if I could help.

Good luck!

 Hey Marisa,

I think it depends on what you see as your next steps. I always recommend to my clients keeping if possible because passive cash flow is never a bad thing and you can leverage equity down the road if you need a little extra. But once its sold, its certainly not making you any more money.

You'll get a more favorable rate by doing a reduced leverage refinance, but almost every lender will put some kind of a prepayment penalty on there (usually ranging 3-5 years), so you won't be able to really "pull" from the equity consistently without incurring some financial implications, so it really does depend on what you are looking to do next. If you just want a little bit to help purchase the 'next one', then reduced leverage, increased cash flow monthly, and repeat until here in a few years you can refinance a few into something bigger.

Good luck! Happy to help where I can.

Happy to help, there are a few that would be willing but need some more information for the best recommendation. Just sent a DM.

Thank you!

Wanted to second this, the clients I have clients who leverage the benefit of 'cash closings' (speed and offer acceptance) but don't want to tie up their capital to wait on seasoning periods of most long term lenders (6 months or more). It does require two closings but definitely helps on the acquisition side of things.

Make sure to be up front with any lender that you work with that it is the intended goal, as some lenders do not allow delayed financing.

Good luck! Happy to help where I can.

Hey @Rick Albert

Hoping you found an answer to your inquiry, not every lender will do that so its VERY good to be up front. 

I would also confirm if there is a rate adder to do it that way or any additional cost in processing fees, etc. Would be good to confirm ahead of time.

Good luck!

Hey Michael,

Hope you found an answer on this, but shouldn't need to own to utilize find DSCR.

I know that you can run into some title stuff in OK in general though. My experience with my clients there is that any kind of purchase you do they run FULL title everytime, which can certainly uncover a few things and delay the process. Have you purchased in OK before or is this the first?

Great, 

Will send you a DM to get some more information.

 Hey Ola,

There are a few, and honestly they are pretty competitive as long as you can show that you did some rehab to the property to improve the value. 

Did you purchase it with a 'fix and flip' or rehab loan that you are looking to refinance out of? Or did you just buy it in cash and are wanting a refinance?