All Forum Posts by: Andrew Zamboroski

 Purchased the property in November. Been looking for lenders?!

the property is under an llc as well.

also rehabbing the whole house.

purchase a property cash for 43k. It was in the middle of a foreclosure. So I picked it only going to be into the house another 20k and the arp will be 150k. So I'll be cash out and refinance and rinses and repeat! The funny thing is i didn't realize the method i was doing until I found this page! I'm hoping to find a group of individuals that would like to talk shop! Also do most people do the business loans to cash out and refinance or do they do something else?

 The original loan rate was high, at 8.75%, new rate is 7.5%. House was purchased in 2017, so restarting it has certainly affected things in that regard. I attached images of the closing costs. 

Hey I have a few fully paid off properties I would like to take equity out of. They are currently under our personal names and I would like to keep it that way. Are there any DSCR loans I could obtain with it not being in an LLC?

My wife and I are 2.5 years into real estate investing in Michigan. 1 Rental, 1 fix and flip on which we just received our first offer!! Yeah!!, and 4 properties we purchased at a tax auction in late 2024. I handle the financing, and she handles the management.

I would really appreciate some direction and advice from this community.

Below are the details of our four tax auction purchased properties. We may have swung a little too big for our first at bat, but we believe in ourselves, have a great mentor, work with a honest builder, and are in a market lacking rental home supply.

However, why can I not find a bank or CU to loan me money on any loan product other than a 5-year ARM balloon with a 15 - 20 year amortization? In order for my numbers to work long term, and to make our dreams come true, I need a 15-year loan. I would accept an adjustable rate, or even a higher fixed rate, but this 5-year ARM stuff means I only pay interest for 5 years, then they want me to do it again and again. I believe that to become financially independent, I need to be done paying for these in 10-15 years.

Full details are below...by here is the elevator pitch...

4 properties with an expected ARV of 360K (Appraisals should be back in 2 weeks).

My all in cost for purchase, auction fees/taxes, and expected rehab is 320K.

I am seeking a loan of 240K, which is about 75% LTV of my total cost basis, and only 67% LT ARV.

Cash investment is 110K, and we should get 80K back from the loan with the intent to do it again next year at the auction.

I feel like this is a win-win for me and the bank, but, as I mentioned, they only want to give me a 5-year ARM. I feel like I am missing a puzzle piece. I am super new to this community and any help is much appreciated.

Morning all

I have managed to purchase 6 rentals over the last 5 years will 5 of those properties still holding notes. It seems we are up against DTI for our personal income as a measuring stick to purchase another property. We have equity in 4 of the 6 properties ( really 5 one Mobile Home on 2 acres paid for no one will lend ). The equity is low on each about 40-50K on each of the 3. My thought was to refi one of them and use those funds as a downpayment for a townhome (daughter going to university) and rent a room and my daughter live in the other. Problem is I dont think I can get funding now. Is there any way I can move here? Our income w2/1099 is low about 140k a year household so thats the measuring stick. From all properties we are averaging about $375 per door per month. Thoughts??

Hello!

I am looking to refinance two of my STR's in Asheville, NC.

Background: I had 2 couples cabins (not actual cabins) built, finished in December, on several acres of land in Asheville, NC. I financed the deal by a 50/50 mix of construction loan and private loans. I am looking to refinance both loan types bc they are interest only. I have 3 months of performance (so DSCR isn't an option.... unless there are DSCR options with only 3 months of performance) and the cabins are doing really well (top 1% for one and top 10% for the other) - even with the huge downswing in the market. I have a couple of interested lenders but nothing in writing yet. Before I go further with discussions I wanted to see if anybody had any suggested loan types/lenders. Also, the cabins are 450 sq ft and I had an appraisal done for the construction loan within the last 12 months and if I can get 75% of LTV of that appraisal - that would be enough to pay off my lenders. Thanks!

I have 2 properties that I am eventually looking to refinance and am trying to weigh when would be the most worth it time to do it. One which is a primary residence is at 7.25% and has had that rate for about 2 years and the other is a rental at 9% and has had that rate for about 1 year. Some people continue to advise to wait until rates drop but knowing the monthly savings I am unsure if it is worth just doing it now on wither property. 

Just getting into fix and flipping, so bare with me. I keep seeing LendingOne on Facebook and Google, but they require appraisals. How will appraisals work if the property is not even close to move-in ready?! I thought appraisals have strict guidelines. 

I see Capital Ton doesn't require appraisals for fix and flips, is this real? Has anyone worked with either company? What's a desktop valuation?