All Forum Posts by: Anderson S.

Hi BP

After almost 10 years of experience in owning 4plexes and single family rentals,I am trying to keep moving forward and building my realtor and lender team In commercial (apartment complex).

I have my team on the 4plex and single family, but they are not experts on commercial field.

Any recommendations are greatly appreciated.

By the way I am already maxed out for getting residential loans and trying to keep moving forward as commercial real estate investment.

I am interested in trying other hard money lenders for SFR fix and flips. Who do you use and what type of terms have you seen recently?

We are under contract on a property with amazing upside. We have it under contract at $112k. ARV is around $200-250k. It needs electrical. Haven't decided on STR or LTR. Who should I speak to for lending?

Good afternoon,

I have a slightly unique investment opportunity and I am searching for lending. Please let me know if you have any solutions. 

The property that I am under contract for encompasses four houses across three adjacent lots. The purchase price stands at $229,000 with an estimated rehabilitation cost of $50,000. The after-repair value (ARV) is projected at $428,000, potentially reaching $477,000 if sold individually.

Two houses require rehab, while two are rental-ready. My strategy involves repairing and renting all properties, anticipating a monthly rental income of $4,200 once all are tenanted. Income generation is expected to commence for two houses during the rehabilitation phase upon securing tenants. I was told by the neighbor that 3 houses on the same street were bought by a realtor and rehabbed and now rent for $1600 each.

I've already paid for and attended the inspection last week as well as paid earnest money so I'm currently $2000 into the deal. However, I've encountered a setback as my initial lender has withdrawn (100%LTV), necessitating the search for alternative financing. As a relatively new investor with ownership of one duplex, my aim is to transition to property rehab and the BRRRR method. After a year of research, preparation and saving, this opportunity—featuring four houses within two miles of my current home—appeared ideal. The issues I have run into are lenders not wanting to take a chance on my experience level and also the down payments being out of reach. My credit score is good at 730, and my monthly income shouldn't be an issue either. Lacking sufficient funds for a 20% down payment, I am exploring lenders offering 90%-100% LTC to minimize my upfront investment. With $40,000 in cash reserved for contingencies and closing costs, a 20% down payment would be just out of reach for me. I appreciate your consideration of my deal and welcome any solutions you may have.

Thanks - James

Hello 

We own two lots from our own money in Miami.  Want to start building the houses now but looking to get a building loan rather than tie up our own money 

any suggestions on who is a good lender in the area for a building loan? 

Thanks in advance!

Hello BP Family,

I am new to real estate investing and I am looking to purchase a 3 or 4-unit apartment building. Only issue is I'm self employed. Does anyone have any recommendations for lenders that are friendly to those of us who are self employed?